I'm getting confused Rudi, something doesn't sound Kosher. The PRV should be on the cold water inlet pipework between the stop tap and the geyser cylinder itself.
Does your installation look remotely like the picture below? If it does then somebody's cut a massive hole in the side of her cylinder which is no laughing matter, it will take an enormous amount of Pratleys to fix it. Seriously, if it doesn't maybe you can attach a couple of Polaroids.

Click image for larger version. 

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