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18/04/2012
Households To Pay €800 Million To Pay For New Water Company
Following the continuing controversy over who will foot the bill for the installation of water meters, the government last night confirmed that households will also be liable for funding arrangements, totalling more than €800 million, needed to establish a water company, including interest payments on a loan from the National Pension Reserve Fund
Mr Hogan confirmed the National Pension Reserve Fund would supply a loan of €450 million to establish Irish Water and supply an estimated one million homes with water meters. He said the funding would be provided at commercial interest rates, but the department last night would not give any details of the interest rate on grounds of commercial sensitivity.
The Minister said the annual repayment for householders would work out at about €39 or €40 per year over 20 years. On that basis, the interest payable on the loan will total €350 million, or €340 for each home over that period. According to a source, the interest on the bond-type loan from the National Pension Reserve Fund could be as high as 6 per cent.
“I know it will be difficult for some people to find money to pay for this finite resource,” Mr Hogan said yesterday. Setting out the rationale for the tax, he said the Government did not want to increase income tax, or tax business, or cut social welfare payments. “The annual public deficit of €18 billion necessitated a broadening and reform of the tax system,” he added.
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Mr Hogan confirmed the National Pension Reserve Fund would supply a loan of €450 million to establish Irish Water and supply an estimated one million homes with water meters. He said the funding would be provided at commercial interest rates, but the department last night would not give any details of the interest rate on grounds of commercial sensitivity.
The Minister said the annual repayment for householders would work out at about €39 or €40 per year over 20 years. On that basis, the interest payable on the loan will total €350 million, or €340 for each home over that period. According to a source, the interest on the bond-type loan from the National Pension Reserve Fund could be as high as 6 per cent.
“I know it will be difficult for some people to find money to pay for this finite resource,” Mr Hogan said yesterday. Setting out the rationale for the tax, he said the Government did not want to increase income tax, or tax business, or cut social welfare payments. “The annual public deficit of €18 billion necessitated a broadening and reform of the tax system,” he added.
(H)
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