Mr. Barry Aughey:

Many points have just been raised. I have met backbenchers in London, Ministers in Dublin and party leaders in Northern Ireland. I have been working on this matter since 2015. I have had a positive response from Northern Ireland, local county councils and parties right across the board. I have probably had the least positive response from Dublin, which is disappointing. I had positive responses from backbenchers of the Theresa May Government and current Tory Government, local authorities and local politicians. The feedback I received from the previous Minister for Transport in Dublin, and, in particular, his Department, is that my proposal is not strategy or policy.

I will address Senator Martin's question on how the committee can help. Local authorities tell me it is in the framework document, so it is wrong to say it is not policy. However, it is believed in Dublin and the National Transport Authority that it is not committed policy. What I would like from this presentation is for this north-west corridor to become a committed policy with focus and drive. Rather than loose words in a document, it should be a focused target and sincere objective with commitment from both jurisdictions. It needs both jurisdictions on board.

The point about people is it is a self-fulfilling prophecy. If investment is not made in the region, people will eventually leave it in pursuit of betterment. That is a fact of life. Both Governments have neglected the north-west region for over 100 years. It is time to turn that tide and invest in the region. If that is done, the area will populate very quickly. The private sector believes in the scope and ability of this project. It would like to be the majority investor so it can drive it through in a timely and cost-effective manner.

Regions such as Cavan-Monaghan, Fermanagh-Omagh and Derry-Strabane have potential for growth and good, competitive, indigenous labour that would like to stay in them. The view that, post Covid, people should be able to work from within their community or at least live in their community and work in Dublin, is becoming more prevalent. Moreover, and this is being upfront and frank with local authorities, investors would like land to be zoned to accommodate office, retail and residential development. In the short term, that is where investors will see a return.

Overall, this will be a long-term investment, with 30-year bonds to be replaced with further 30-year bonds. The private sector has a genuine interest. Infrastructure is a safe place to put money and, in the long term, will give a good return, especially rail where one can command a farebox, that is, a charge or rate for the use of it.

Ireland is a reputable country. It came out of a recession. In 2010, it went through a big recession followed by a bailout. We have demonstrated to the world we are reliable, committed to honouring our debt and that we stand up and do so. We have done so very well and have been recognised globally as a credible place to do business.

The cost of funding is at its lowest point in a long time. There is a narrow window of opportunity to access funding at competitive rates, especially long-term funding. That would make this a viable project. This will need both Governments to invest in and co-operate on compulsory purchase orders, CPOs, interfaces with motorways, electricity pylons and whatever else crosses its path.

The north-west corridor is a nice project because there is no rail infrastructure. It will not impede or compete with any other rail infrastructure. It will not have a cloud hanging over it in respect of fears of the private sector taking State assets. As it is a blank sheet, it creates good opportunity. This will be a completely new line running from the greater Dublin area, preferably Dublin Airport, to Letterkenny-Derry, via Monaghan and Omagh. It will need to be straight and an entirely new construction. There will not be any reopening of old railways. That is very unlikely to happen. It will be a new, modern, futuristic structure. The target speed is 250 km/h. That is not ambitious. That has been the norm in Europe for about ten years. It is very realistic and would deliver a travel time between Dublin and Letterkenny of 46 minutes, non-stop. It is possible that travels times could even be improved on.

This is a trend. The rest of the world is investing in high-speed rail. People say it is expensive and will give reasons not to invest in it, the main one being cost. High-speed rail will always be expensive. Procrastinating will not make it cheaper. The day we invest will be the dearest day. However, over time it will fund itself and prove well worth the investment.

There were many questions but I think I have covered them all.