The Minister for Finance says there’s “no crisis” over news that Irish Water will have to remain on the Exchequer balance sheet.
Michael Noonan says he’s disappointed that Irish Water has failed the so-called ‘market corporation test’, and that its borrowings will have to remain on the government’s balance sheet.
But he’s denied that the move will have any impact on October’s Budget, saying we’re still on course to beat the EU deficit targets.
And he’s playing down the overall effect of the news from Brussels:
The Cathaoirleach of Kerry County Council has called for an emergency Cabinet meeting to discuss Irish Water staying on the exchequer balance sheet.
Fine Gael councillor Pat McCarthy was reacting to a ruling by Eurostat, the EU’s statistics agency, expected today, that would decide if State funds spent on Irish Water can be excluded.
If not, more than €500m will be added to the national debt.
Cllr McCarthy told ‘Kerry Today’ the issue was too big for the Minister for the Environment, Alan Kelly, to handle on his own.
Meanwhile, People Before Profit’s Brian Finucane has called on the Environment Minister to resign.