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Signs of life in Irish PPP
29 July 2010
Despite a shaky banking sector – and constrained government finances – Ireland kept a PPP programme running during the crunch’s aftermath. A pair of jumbo transport deals will test whether outside lenders are still enthusiastic. By Michael Marray.
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[Irish]
[Dublin]
[Dart]
[schools]
[PPP]
[PFI]
[Bank of Ireland]
[Allied Irish Banks]
In spite of the credit crunch, two schools and a motorway services PPP transaction closed in 2009 and the first half of this year. Ireland’s banks, exposed to a crumbling property market, together with its government, despite a swingeing austerity programme, have persevered with PPP despite, or perhaps because of, these woes. Bank of Ireland and Allied Irish Banks, both major players in PPP, received bailouts, and the Irish government is a substantial shareholder in both.
But Ireland’s banks and government are open for new business. Bank of Ireland was mandated lead arranger on all three recent deals, and sole lender on two of them, but more packages of schools and universities are on the way. The main focus of bankers and lawyers is now the bigger projects coming through in the road and rail sectors. Irish lenders will not be able to support these deals on their...
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