Sunday Test - Government u-turn on plan to transfer debt to Irish Water

Company eager to keep down levels of debt to help it raise multimillion euro loans from domestic and international banks

13th December, 2014
Sunday Test - Government u-turn on plan to transfer debt to Irish Water

Almost €500 million of debt incurred by local authorities in the construction of water infrastructure will remain on the state’s books, rather than being transferred to Irish Water, after an eleventh-hour legislative U-turn.

The prospect of the new utility assuming the €460 million debt has arisen as Irish Water enters the sensitive final stages of negotiations for multimillion euro loans from a number of domestic and international banks.

The company is thought to...

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