From yesterdays Irish Independant
'IRISH Rail's service will deteriorate and safety risks will increase unless it spends more than €180m a year upgrading and maintaining the network.
The money is needed to replace tracks, inspect bridges, upgrade signalling systems and bolster earth embankments to prevent them falling on to lines, according to a major independent report.
But it is not clear where the money to pay for the works will come from.
Irish Rail lost €22m last year, and does not have cash reserves to fund the upgrades. The amount needed is almost double what is currently spent on railway safety, which runs to about €100m a year.
The new report, commissioned by the Department of Transport, reveals that despite spending €1.7bn over the past 14 years on safety works, more than €3bn is needed between now and 2030 to maintain the network in a "steady state".
ACCIDENTS
If the investment is not made, speed restrictions may have to be introduced, resulting in slower journey times that will affect some 39 million passengers – and the risk of accidents will increase.
The report also reveals that Dublin's DART system was in danger of being shut down in recent years because of unforeseen "wear and tear" of the overhead lines.
The department said it would have to consider the report in the context of October's Budget.
Irish Rail has spent €9m upgrading lines over the past three years, despite budgeting for only €1.3m.
Almost €1.7bn has been spent since 1999, €513m of it since 2009, under three railway safety programmes.
The money has gone on new tracks, upgrading safety systems, staff training and new signalling. Some €50m was spent surveying and repairing bridges following the collapse of the Malahide viaduct four years ago.
But the independent report, a 'Mid-term Review of Iarnrod Eireann's Third Railway Safety Programme (RSP3)', says that continued investment is needed to prevent the network from deteriorating, which can have knock-on effects on safety and performance because of the resulting necessary speed restrictions.'
anyone got a few bob to invest in the railway?