Following the comprehensive review of capital expenditure carried out in 2011 a decision was taken to defer the Metro North project together with a number of other proposed projects. Metro North was not therefore included for funding in the Infrastructural and Capital Investment 2012-2016: Medium term Exchequer Framework. As the project is not currently progressing, the question of preparing an application for funding from EIB does not arise at this time.
It is important to remember that EIB funds come in the form of loans that must be repaid with interest. The EIB previously approved a loan in principle for part of the cost of Metro North so I would be confident that an application would be well received at the right time. Metro North and other projects will be reviewed in preparation for the next capital plan. This work is expected to be carried out in 2015.
I should advise in regard to the North Dublin/Fingal corridor, that the National Transport Authority is in the process of seeking proposals for a technical consultancy to assess the long term rail transport requirements of the North Dublin/Fingal corridor, extending from Finglas to the Malahide Road and including Dublin Airport and Swords. This review will examine existing proposals such as Metro North as well as other options for a rail-based transport solution to meet the area’s needs in the long term. The outcome of this report will also inform the selection of priorities for inclusion in the next capital plan.