34. (1) Irish Water shall—

(a) not later than 4 weeks after the transfer day, and

(b) before the end of the year in which the most recent investment plan expires,

make a plan (in this Act referred to as an “investment plan”) in accordance with this section.

(2) The investment plan first made after the transfer day shall apply in respect of the period commencing on the date of the making of the plan and ending on 31 December 2015.

(3) Each investment plan made subsequent to the investment plan first made after the transfer day shall apply in respect of such period as the Commission determines.

(4) An investment plan shall set out and particularise the investment in water services infrastructure that Irish Water considers necessary for the effective performance by it of its functions.

(5) Irish Water shall, in making an investment plan, take account of—

(a) the water services strategic plan,

(b) any river basin management plans under regulation 13 of the European Communities (Water Policy) Regulations 2003 (S.I. No. 722 of 2003) for the time being in force,

(c) any local area plans under section 18 of the Act of 2000 for the time being in force,

(d) any development plans within the meaning of the Act of 2000,

(e) any regional planning guidelines, and

(f) any strategic development zones within the meaning of Part IX of the Act of 2000 to which the plan relates.

(6) Irish Water shall, before preparing an investment plan, consult with—

(a) the Agency,

(b) each regional body in respect of whose functional area the investment plan is likely to apply, and

(c) each planning authority in respect of whose functional area the investment plan is likely to apply.

(7) Irish Water shall, for the purposes of enabling the Minister to make a decision in relation to the making of a grant under section 36, provide the Minister with the most recent investment plan.

(8) Irish Water shall, when submitting a water charges plan to the Commission under section 22, provide the Commission with the most recent investment plan.

(9) Irish Water shall, as soon as practicable after the approval of a water charges plan under section 22, provide a copy of the most recent investment plan to each regional body and each planning authority in respect of whose functional area the investment plan applies.

(10) In this section “functional area” has, in relation to a planning authority, the same meaning as it has in the Act of 2000.