The Department of Finance takes the lead role in relation to engagement with the European Investment Bank as regards overall capital investment and selection of projects for submission to the EIB. I understand that Department is in ongoing consultation with the EIB with a view to exploring possibilities for funding.
I recently met with senior officials from the European Investment Bank where I took the opportunity to outline my Departments priorities for investment in Transport Infrastructure in the medium to long term, as set out the Government's Medium Term Capital Framework. At that meeting the EIB expressed their interest in progressing an application for a loan for Luas Cross City.
Exchequer investment in railway infrastructure over the next few years is focused on ensuring that the considerable investment made to date is protected and that safety standards are maintained. I have no proposals for funding any new major heavy rail investment project outside the GDA for the foreseeable future. If funding were available and a PPP was feasible the DART Underground would be the priority heavy rail project. That project will be reviewed again before the next capital plan. The EIB has expressed interest in supporting DART Underground whenever the project proceeds.
My Department and agencies will continue to explore and maximise the use of external funding sources for suitable, viable projects where possible, in consultation with the Department of Finance. As the Deputy will be aware, any new heavy rail line or lines would require state subvention to operate. Given the current squeeze on public spending, it would difficult to fund the operation of any new lines without reducing subvention of existing lines.
