The doomed utility seems to be stumbling from one disaster to another since its very inception.
After it was revealed earlier this week that only 43pc of households have actually paid their water bill, thus leaving Irish Water with a shortfall of over €30m in their projected income, the total debt now incurred by the company is spiralling out of control to the tune of €850m.
It is understood that Minister for the Environment Alan kelly, who has proclaimed to be “very, very satisfied” and “very happy” with the level of payment so far, has now given Irish Water green light to borrow even more money (€550m and some change) to keep the company afloat. The interest rate applied to these loans has not been revealed as it is “commercially sensitive.”
With the campaign against Irish Water and water charges gearing up again, the controversy surrounding the utility is far from over.