Section 5 Name and Share Capital of Subsidiary is the most important section, relevant to this article, in the Water Services Act 2013. In it Board means Bórd Gáis Éireann (Ervia). It states:
(4) One share in the company shall be issued to the Board, and, of the remaining shares in the company, half shall be issued to the Minister and half shall be issued to the Minister for Finance.
(5) No voting rights in the company shall attach to any of the shares issued to the Minister or the Minister for Finance in accordance with subsection (4).
(6) The Board shall not, without the consent of the Minister and the Minister for Finance, alienate the share issued to it in accordance with subsection (4).
Everything Set up for Privitisation
Everything is set up to privatise Uisce Éireann (Irish Water). All that it would take are two signatures, one from the Minister for Environment and the other from the Minister for Finance. We have seen in the past number of years a proliferation of our state's assets being sold off. So why not Uisce Éireann, especially when the IMF are involved. See Vincent Browne on privatisation of Irish Water in buncranatogether. When the TTIP, EU-US trade deal is signed up to, then everything will be complete and like Argentina whoever is in control of Uisce Éireann could and would sue the Irish Government.
Article by Jason Coffey
in response to this journal.ie article Sinn Féin say they’d abolish your water charges.
Irish Water is a private company limited by shares. It is a legal entity that cannot be simply abolished. Reason why it cannot be abolished is because the Irish Government does not own it. We own 99% of it. Bord Gáis (Ervia) own a single share. But this is the most important share. It is the share that controls how the company operates. When setting up the company, it was carefully worded so that the other 99 shares have no voting power on how the company is run. See Water Services Act 2013: http://www.irishstatutebook.ie/pdf/2013/en.act.2013.0006.pdf
Government Planning For Privitisation
As soon as Bord Gais got this very important share/windfall, they split it up and put Bord Gáis Energy on the market. Bord Gáis Energy was splintered off from semi-state Bord Gáis Éireann and sold to a consortium including Centrica and two partners for €1.1 billion. The rest of Bord Gáis was rebranded Bord Gáis Éireann and then this name was changed to Ervia. While Irish Water claims to be run by Bord Gáis, the Bord Gáis name was transferred to Centrica. Basically Enda Kenny doesn’t want to tell the Irish people that his government has no control whatsoever in the way Irish water conducts itself even though we own 99% of the shares. Irish Water is a legal entity that cannot be abolished because we do not own all of it.
Sinn Féin wants To abolish Irish Water
If Sinn Féin or any other party wanted to abolish Irish Water, they would first have to buy back that 1% share. Ervia (Bord Gáis Éireann) can charge whatever they like for that share, and don't need to sell it if they don't want to. Ervia has the legal right to run Irish Water as it sees fit. Companies are entities with the sole purpose of making profit. Just because Irish Water was originally set up to provide water services, in the future Ervia may decide to sell its share to a less ethical international organization who may if they see fit decide to sell your private personal data to marketing companies (as this may see a faster and much more profitable income).
Buncrana Together will follow this up with some articles on TTIP EU-US trade agreement