The binding energy of the water dimer is calculated at the MP2 level u
sing efficient basis sets augmented with bond functions. The intermole
cular energy is determined by the supermolecular approach and the basi
s set superposition error is corrected by the counterpoise method. Bon
d functions are found useful and very effective in recovering the disp
ersion energy, which is traditionally achieved by polarization functio
ns. The calculated binding energy of the water dimer is systematically
converged to a value of 4.75 kcal mol-1 as bond functions are gradual
ly added to nucleus-centered basis sets.