The Fine Gael parliamentary party is set to meet tomorrow, to formulate ‘a set of principles’ for a potential government.

Yesterday, the Taoiseach Enda Kenny said that Fine Gael wants to form a new coalition, and it is prepared to engage "fully and inclusively" with other parties.

Fianna Fáil has said water charges and the abolition of Irish Water is key to its support of a Government.

An Irish Water document seen by the Irish Times, claims the abolition of the company - by a new Government - would cost the State up to €7bn over the next five years.

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Claim that abolishing water charges would cost €7 billion is totally misleading and pure scaremongering https://t.co/5mhMEQDgSD #irishwater

— Richard Boyd Barrett (@RBoydBarrett) March 2, 2016

The cash costs of abolishing the utility have been estimated in the internal documents at about €100m.