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Ireland told to keep Irish Water utility on govt books

Reuters - UK Focus

LONDON, July 28 (Reuters) - Ireland (Other OTC: IRLD - news) has been told by the European Union's statistics agency, Eurostat, that it must keep the cost of the new Irish Water utility on the government's balance sheet, finance minister Michael Noonan said on Tuesday.

While Dublin had planned for such a scenario in its most recent budget forecasts, the government had sought to separate the utility from the government's finances. It is the latest political setback after mass protests broke out over charging for water and significant non-payment of bills.

"The pressures that were there to go off balance sheet a year and a half ago are not what they were. Because budget figures have been much better than anticipated, that has given us additional leeway." Noonan told a news conference. (Reporting by Padraic Halpin; editing by Kate Holton)