Eurostat announced that Irish Water had failed the market corporation test, meaning that Government spending on Irish Water will remain on the national balance sheet.
Green Party Spokesman for the Environment, Councillor Malcolm Noonan, said: "Irish Water, since its creation, has lurched from one crisis to another. Government spin about water investment remaining off balance sheet has been exposed as wishful thinking. The Eurostat ruling sounds the death knell for Irish Water in its current form. A radical overhaul of the utility is needed to make it fit-for-purpose.
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"Serious questions now need to be raised about Irish Water's borrowing. With the Irish State enjoying record low interest rates, how much of the taxpayers' money has been wasted by borrowing through Irish Water to fund investment?"
(CD/JP)
