After loading debt, the investment bank that sold Thames water in 2017 said it was “very proud” of its record even if water efficiency trespassers were on the verge of collapse.

Macquarie, with its Australian headquarters, leads a consortium that owns the Thames River water from 2006 to 2017. Macquarie has been criticized by some politicians and analysts for its control over its business, accusing the bank of setting it up as a course for financial collapse.

The Thames River provides water and sewer services to 16 million customers in London and southeast England. But it has reached the brink of collapse after debt rose to £20 billion, and it received court approval last month for emergency funds.

Macquarie critics believe that investment banks ruined the Thames River Tile. The utility's debt rose from £3.4 billion when Macquarie sold its last stake in 2017 for £10.8 billion. Meanwhile, Macquarie and other investors received a dividend of £2.8 billion.

Macquarie Asset Management Group head Ben Way told investors last month that ownership of Thames Water has improved.

"We are actually proud of our ownership of the Thames waters," Way said. “It’s a better business, not perfect, but the business is much better after we manage and we can’t talk about what happened later.”

According to a transcript hosted by data company Alphasense, Way has worked at Macquarie since 2006, denied any link between Thames Water’s recent financial struggle and bank ownership. The Financial Times first reported the comments.

"So imagine being blamed for the house you owned when the roof leaked seven years ago," he said. "It's weird."

Despite a £3 billion debt package, Thames Water must ensure long-term equity investments in order to fund sewer and water treatment efforts after underinvestment. Thames has selected U.S. private equity investor KKR as its "preferred partner." The New York-based company is expected to acquire the £4 billion Thames River.

Macquarie is now the largest shareholder of Southern Water, another utility under financial pressure. Way said Macquarie had no objection to the government in his records on the Thames.

"I'm going to say that the Thames water is a great example of the ability to have your beliefs and go beyond media drama or noise," Way said. "Because the fact is that no regulator in the UK has seen Macquarie as a very active owner of an asset over the past decade."