asked the Minister for Transport if he will make a statement on the financing of Howth-Bray rail electrification scheme outlining: (a) the original estimated capital cost in 1979 (excluding loan financing charges); (b) the estimated capital cost completion in 1984 at present-day prices and at constant 1979 prices (excluding financing charges); (c) the portion of final capital cost that is represented by borrowings and the cost in 1983 and 1984 of servicing those borrowings; and (d) the currencies in which the borrowings for the scheme are denominated and the increase in servicing costs involved in 1983 due to devaluation.
Written Answers. - Howth-Bray Rail Scheme.
294.
The information requested by the Deputy is as follows: (a) the original estimated capital cost in March 1979 of the Howth-Bray electrification project was £46.4 million excluding loan financing charges; (b) the estimated actual capital cost of the project on completion in 1984, excluding financing charges, is £85.7 million which is equivalent to £46.1 million at constant March 1979 prices; (c) CIE are financing the capital cost of the project, including capitalised interest charges, entirely by borrowings. Interest charges are being capitalised until the completion of the project, after which they will be charged to revenue. Capitalised interest charges are estimated at £29 million. The interest arising from borrowings is estimated at £11.5 million (fully capitalised) in 1983 and £16.48 million (of which £7.85 million will be capitalised) in 1984; (d) approximately 50 per cent of the cost of the project (including capitalised interest) is being financed by borrowings denominated in foreign currencies. Those currencies are: Sterling, US Dollars, Deutschemarks, Dutch Guilders, French Francs, and European Currency Units. The remaining 50 per cent of the cost of the project is being financed by borrowings denominated in Punts. The increase in loan servicing costs in 1983 due to devaluation is estimated at £0.25 million approximately.