Dublin City Council is to lose €2 billion in assets with the transfer of services to Irish Water.

The authority will, however, remain liable for €330 million in pensions for staff who are moving to work at the quango.

Councillors say the Environment Minister did not attend an emergency meeting called last night to address the issue.

Fianna Fáil's Mary Fitzpatrick says the transition to Irish Water is shaping up to be a bad deal for the city: