As DoctorPan says, the governments view on railways has drastically changed in the last few years. Andrew Ebrill of the Department of Transport gave a very good talk on the report at the PWI Conference in June and emphasised the points DoctorPan says. One point he made, which I thought was very valid, is that there is an idealistic view of closed lines in Ireland and that many of the railway lines that were closed in the past were loss-making in a time when very few people had cars, meaning it would make little sense to reopen most of the closed lines.
The report outlines proposals that not only have an equal cost:benefit ratio but also an environmental benefit. The naysayers will say it's a pipe dream but the point has been made that the proposals would need approximately €1bn a year to progress, which is close to what was being spent on the (now decent) motorway network over three decades or so. It was also mentioned that Ireland is about 10 years behind where it would have been with investment in railways due to the economic downturn.
The discussions with the EIB aim to prioritise the timing and funding model of the proposals - it looks like the frontrunner appears to be the electrification and raising speed of the Dublin to Cork line.