The Minister for Finance says there's "no crisis" over news that Irish Water will have to remain on the Exchequer balance sheet.
Michael Noonan says he's disappointed that Irish Water has failed the so-called 'market corporation test', and that its borrowings will have to remain on the government's balance sheet.
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But he's denied that the move will have any impact on October's Budget, saying we're still on course to beat the EU deficit targets.
The Minister is playing down the overall effect of the news.
However, Fianna Fáil says the government will drag out the election to avoid voter backlash in light of Eurostat's findings.
Party TD Barry Cowen says the coalition should now face the music.
