Water Services (No. 2) Act 2013
Borrowing by Irish Water
35. (1) (a) Irish Water may, for the purposes of this Act and with the consent of the Minister, the Minister for Communications, Energy and Natural Resources, the Minister for Finance and the Minister for Public Expenditure and Reform, borrow money (including money in a currency other than the currency of the State) from such persons as it considers appropriate, whether by means of the issue of debentures (or other debt security) or otherwise.
(b) The aggregate of moneys standing borrowed under this subsection at any one time shall not exceed €2 billion.
(2) For the purposes of this section, moneys borrowed in a currency other than the currency of the State shall be deemed to be the equivalent in the currency of the State of the actual moneys borrowed, such equivalent being calculated at the rate of exchange prevailing at the time of the borrowing for that currency and the currency of the State.