Mr. John Tierney:

Two reasons for establishing Irish Water are to introduce the regulated utility model and to enable an increase in investment. If we can prove a consistent income stream over a number of years, it will give us the ability to raise capital on international markets. We have pointed out to the committee the current shortfall in funding. The estimate for solving all of the priorities that we have outlined is as much as €10 billion. There is a considerable job ahead of us, but Irish Water is up to it and will change this situation. We have stated that it will not happen overnight. Much work needs to be done.