Metro is surely a non-starter now
Published 05/08/2010 | 05:00
Gerald Rolf (Letters, August 2) is quite right to say that "this is not the time for Metro North".
The Metro is supposed to cost €5bn. If we assume the project is to be financed by loans at an interest rate of 5pc, the annual interest payable would be €250m.
If we further assume there would be 25 million passengers annually (the official estimate is about 35 million, but that was pre-crash), then the interest cost alone would be €10 per passenger (before considering ordinary operating costs such as staffing, electric power, repair/maintenance, etc).