A spokesman for the Minister of Transport, Mr Brennan, said today an announcement on the proposed Dublin metro system could be expected "within weeks".
The spokesman told ireland.comthe outlook for the system was good following today's relaxation of European Union rules on funding of Public Private Partnerships.
Under the recommendations released today by Eurostat, the strict Growth and Stability Pact has been loosened to allow greater private funding of public projects.
Speaking at the first test run of the Luas on Harcourt Street in Dublin this morning, Mr Brennan said he would be studying the Eurostat statement in detail, but said it appeared to be an "exciting" development. "It does relax the rules substantially," he said. "Private sector investment will be easier to attract."
While the specifics of the recommendations had yet to be studied in detail, the spokesman said the new regulations appeared to be a positive step towards building the 12 km underground railway from Dublin Airport to the city centre. He said Mr Brennan was hoping to announce shortly that the final proposals will be presented to Cabinet within weeks.
The Rail Procurement Agency (RPA) has estimated the total cost of building the railway could reach €3.4 billion. It said it would take over two years to build.
Last August, the head of the Spanish company that built Madrid's metro told the Oireachtas Joint Committee on Transport it could build the Dublin line for just €1.5 billion, including land, planning and construction costs.
"In the next three years you could have a metro," Prof Manuel Melis Maynar said. "But it would be tunnelling 24 hours a day, 365 days a week, no holidays. But as engineers this is our life; if you want to build a metro it is a serious business."
He said the Irish Government would save millions of euro if it was less willing to pay substantial fees to "consultants who consultant with consultants and advisers who advise advisers".
Mr Brennan told the Dail last month t he Spanish case was being considered and the Oireachtas Joint Committee on Transport has recently commissioned a report on the metro, which is expected shortly.
