Michael McGrath (Cork South Central, Fianna Fail)
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69. To ask the Minister for Finance the amount invested to date by the NPRF in respect of the installation of water meters; the full amount it expects to invest; the return that will be generated from the investment; and if he will make a statement on the matter. [2076/14]

Michael Noonan (Limerick City, Fine Gael)
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In September 2013, the National Pensions Reserve Fund (NPRF) agreed to provide a €250 million two-year bridging facility to Irish Water to provide short-term funding for its start-up costs and metering installation costs. Irish Water has drawn down €160 million to date and the balance is expected to be drawn down on 16 January 2014.

The NPRF have advised that the return on their investment is commercially sensitive and cannot be disclosed. The NPRF Commission required a guarantee for its lending to Irish Water in the light of the Fund’s commercial investment mandate and the fact that Irish Water would have no revenues until 2015. The Government agreed in June 2013 to the provision of such a guarantee by the Minister for Finance. The fee for the guarantee is two per cent per annum on the amount of the loan facility drawn down by Irish Water. The fee reflects the fact that the loan arrangements are commercial in nature and are made on an arm’s-length basis. A payment of €823,504 was paid to the Exchequer in respect of the guarantee for the period 5 October 2013 to 5 January 2014.