The wretched utility is fast becoming a sinkhole where taxpayer money swirls around fast before vanishing forever, with little to show for it other than a leaking network and a bunch of plastic meters.
According to its parent company, Ervia, Irish Water made a pre-tax loss of 138.8m last year.
The company managed a revenue of almost €687.2m in 2014, with the monies largely stemming from commercial charges. However, as domestic bills were not sent out until 2015, the results do not include revenue from households.
Irish Water spent more than €793.7m in “operating costs”, and a further €10.3m were used to cover losses on a defined benefit scheme.
€547.8m went on investments in 2014, while almost €257.6m was spent on payroll and other staff-related overheads.
While all this money was being circulated, Irish Water boss John Tierney took home a salary of €248,000 during the year. Overall, €1.7m was splashed out on salaries and remuneration to senior management, while a further €126,800 was paid in directors fees to members of the board. €6,000 were used in expenses.
And after all this money was burned, Ervia’s boss Michael McNicholas said yesterday that the company “may not be around after the General Election.”