Darragh O'Brien (Fianna Fail) | Oireachtas source

I do not wish to delay this any further. I welcome the fact that the Minister will examine this in more detail. Senators Byrne and Walsh have tabled an expanded amendment for Report Stage. It is clear from the Minister's response and from the contributions of others in the course of the past hour that what is in the Bill is more than likely insufficient. I cannot understand how the Minister can say that any financing sought by Irish Water for investing in infrastructure will not be held against any assets of the company. How can he say that? Has the Government already sought private potential investors outside?

The only way the Minister would know that is if Irish Water was already seeking expressions of interest in investment in water infrastructure. I do not understand how the Minister can say that, in no way, shape or form, will there be any lien on any of the assets. No one will be prepared to loan €500 to €700 million without some type of security, be it on the revenue stream or on the assets. I will not labour the point but I do not understand how the Minister would know that. If the Minister knows, then he should tell us. If he has had initial discussions or preliminary discussions with private equity firms and investors we need to know that. I am not against private investment, by the way, but we need to have that information. I welcome the Minister's commitment to look at a further amendment on Report Stage but if the Minister reviews the discussion over the past half an hour or 40 minutes on this amendment, I think it shows very clearly that he will need to strengthen the provisions of the Bill in this regard, to include what Senator Byrne and my colleagues have proposed, which refers to any of the assets or part of the assets of Irish Water. I ask the Minister to clarify this point further before we move on.