Around €225 million of Exchequer funding has been written off in relation to three related rail projects.
The report of the Comptroller and Auditor General said there was a total spend of €166 million on the Metro North up until 2011 when the project was postponed.
The report said "only around €6 million of that expenditure, for properties acquired as part of the project, continues to have potential value for MetroLink".
"The remaining €160 million was written off as 'sunk costs'.
The comptroller said the "expenditure of €18.7 million on Metro West, together with expenditure of €46 million (of the €48.6 million incurred) on the related original DART Interconnector project have also been written off".
The preliminary business case for MetroLink, which was approved in July 2022, included an initial cost estimate of between €7.2 billion and €12.3 billion (excluding VAT in 2021 prices).
" Expenditure of around €181 million has been incurred on MetroLink up to end-July 2024".
The report said the Department has stated that an updated cost range will be provided, which will reflect recent inflation experienced in the construction industry
The report found that the MetroLink project demonstrates compliance with the Public Spending Code but it said the examination team’s assessment identified a high level of noncompliance with the Code for the Foynes project
It found that the tFoynes project "currently has an estimated cost of around €152 million over two project phases, both of which must be delivered before the investment will yield any benefits."
It said a number of the key requirements of the Public Spending Code were not complied with in respect of the project.
"Voted funds totalling €64 million were issued to Iarnród Éireann in December 2022 prior to any detailed appraisal of the project being undertaken. At the time, Government approval to proceed was required under the Code for a project costing over €100 million, but this was not sought."
"Changes to the Code requirements effective from March 2023 increased the threshold for major projects from €100 million to €200 million. As a result, Government approval for the Foynes project, projected to cost a total of €152 million, was no longer required.
In conclusion the report said "the external assurance and the Major Projects Advisory Group reviews are now formalised as a requirement for major projects at the preliminary business case stage, prior to Government consent for approval "
