More than €500m needed to repair water system

Irish Water reports it still needs to raise more than €500m in additional funding to carry out necessary works on the system.

The State company has identified key problems including the elimination of boil notices and fixing the leaks in damaged pipes through which more than 40% of water is lost.

Irish Water said it will invest nearly €1.8bn between now and 2016 in improving the water infrastructure and said it will explore all options in order to raise the cash.

"What we're talking about is borrowing money as a utility on medium-term loan basis, and paying it back," said Gerry Grant, Head of Asset Management at Irish Water.

"That is the model that both ESB and Bord Gáis use to invest in their infrastructure. Obviously, by building successful business models, they're able to pay back that money."

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