Govt gives Irish Water €270m to make up for scrapping of charges

Irish Water is to be given €270m to make up for the money it will miss out on now that charges have been scrapped.

The Irish Times reports that the Government handed over the funding in return for a raft of new shares issued by the utility.

The last time Irish Water issued shares in return for Govt funds was in September 2015, when they got €54m.

They confirmed they got the payment, saying it was part of “routine Government funding” that had beenbudgeted for when the Government decided to suspend the charges.

The utility said: "It is not for a specific purpose or project, rather for the continued work to transform Ireland’s water services in line with the Irish Water business plan."