European Investment Bank approves €500million loan for Metro North

Scofflaw

In a statement this afternoon, the European Investment Bank has confirmed that its Board of Directors has signed off on the Dublin Metro PPP project.

" The European Investment Bank is pleased to confirm that the Bank's Board of Directors has given its approval in principle for a EUR 500m loan for the Dublin Metro PPP project.

"The Metro North project represents a significant contribution to sustainable urban transport in the greater Dublin area and will be the backbone for a future integrated public transport network in the Irish capital. The European Investment Bank looks forward to working closely with the Irish authorities and the bidders involved in the Dublin Metro project" said Plutarchos Sakellaris, European Investment Bank Vice President responsible for Ireland.

I think I flagged this before, but this is the sign-off. I think that's about 20% of the supposed cost of Metro North (which was estimated at €5bn at the height of the construction boom).

cordially,
Scofflaw

Tipp Man

Scofflaw wrote: »

I think I flagged this before, but this is the sign-off. I think that's about 20% of the supposed cost of Metro North (which was estimated at €5bn at the height of the construction boom).

cordially,
Scofflaw

Can the Irish government come up with the other 80% of it though is the question?? And if it does will other projects have to be sacrificed??

Not saying the metro is a bad thing, very much needed I would say, just wondering if the funds are there for it

RichardAnd

I don't see this happening to be honest. IT would be great but 5billion is money we just don't have.

Mr Simpson

Isn't the point of a PPP that its built now with private money and paid for later? So €500m would cover the governments costs for the moment.

Highly Salami

Scofflaw wrote: »

I think that's about 20% of the supposed cost of Metro North (which was estimated at €5bn at the height of the construction boom).

I think that €5 billion figure has been greatly reduced since then due to lower costs and scope of the project (meaning the 500m would be a much greater percentage).

ei.sdraob

Good I would rather any taxpayers money go on infrastructure (even tho I don't live in Dublin anymore) than being wasted on "Nama for cheeky fools" type crap

Atlantic Dawn

The money was there for Greece last week we gave them what was required, I'm sure there's another few quid stashed away we can use

ei.sdraob

Atlantic Dawn wrote: »

The money was there for Greece last week we gave them what was required, I'm sure there's another few quid stashed away we can use

that 1.7 billion (or whatever larger figure it has grown to by now) handed to Greece, which we are unlikely to get back now, would have been useful in building a nice rail network... :pac:

Scarab80

RichardAnd wrote: »

I don't see this happening to be honest. IT would be great but 5billion is money we just don't have.

They wouldn't be releasing the fact that the EIB Loan has been approved if they didn't have funding in place. A large portion of which will be coming from the private sector.

The Railway Order is also with An Bord Pleanala at the moment, which is a significant way down the line in getting infrastructure projects approved in this country, should be getting a decision from them around June/July.

This is the ideal time to do this project, property values are low(ish) and the return from employment through social welfare and taxes will make the overall cost even lower.

PeakOutput

imo no capital spending should be changed or put on hold we are far enough behind as it is

general day to day costs are the problem not capital investment

i hope this goes ahead along with the rest of transport 21

WalterMitty

cut the 20bill ps paybill further to give us a few billion more a year to invest in economic activity generating infrastructure and that wouldnt contraven the growth and stability pack.

Flamed Diving

This is worthy expenditure, as it could potentially last for a century or more.

Brussels Sprout

What's the scope of this project?

Scarab80

Underground light rail from stephens green to ballymun via drumcondra and dcu, then overground to the airport and out to swords.

It will eventually link with a western light rail connecting the airport to tallaght via blanchardstown and lucan.

Scofflaw

Highly Salami wrote: »

I think that €5 billion figure has been greatly reduced since then due to lower costs and scope of the project (meaning the 500m would be a much greater percentage).

Yes, I think so - the €5bn estimate was a journalistic estimate made in 2006/2007, and which explicitly took into account the galloping "construction inflation" at that time. I don't think an official estimate has ever been released, although one would assume the EIB have seen a business plan!

cordially,
Scofflaw

dean21

Highly Salami wrote: »

I think that €5 billion figure has been greatly reduced since then due to lower costs and scope of the project (meaning the 500m would be a much greater percentage).

dont know about that am sure price fixing will come in to play in the tender, to keep the cost up so they can screw this country more just like the price fixing that was uncovered in the uk.

thebman

Funny how the Anti-Eu posters are rarely seen complaining in threads like this saying we should pull out of the EU :P

Idbatterim

When willl we know the final cost? I take it, the project will be a fixed price one?

jimmycrackcorm

Scofflaw wrote: »

I think I flagged this before, but this is the sign-off. I think that's about 20% of the supposed cost of Metro North (which was estimated at €5bn at the height of the construction boom).

Whether it is €5bn or a few Euro shorter, there is no way in hell that the price tag justifies it.

As Michael O Leary put it pretty much bluntly, let the people of Swords take the bus (especially as they have the port tunnel).

€5bn is a nice price for a completely citywide metro but now we aren't rich any more let's put this nice but idiotic transport idea behind us until it becomes value for money. How many €1.90 fares will it take for how long to pay it back ?