10. (1) Notwithstanding section 13 of the No. 2 Act of 2013, where property is transferred on a property vesting day to Irish Water in accordance with section 12 of that Act, then any financial loan relating to that property does not, vest in Irish Water.

(2) Section 12 of the No. 2 Act of 2013 is amended by inserting after subsection (6) the following:

“(6A) The vesting of any property (including land or an interest in land) in Irish Water, on a property vesting day, is not to be considered as a disposal of the property by the water services authority concerned, but as a transfer to Irish Water.”.

(3) The Minister may request the Minister for Finance to make payments up to a total amount of €460,000,000 to local authorities for the purpose of repaying any Housing Finance Agency water related loans under section 5 of the Housing Finance Agency Act 1981 held by local authorities. The Minster for Finance shall make any such payments, subject to such conditions (if any) as he or she may determine, out of the Central Fund or the growing produce thereof.