The Minister for Finance, Mr McCreevy, last night acknowledged that he has no arrangements in place with the private sector to support the Government's public private partnerships (PPPs).

The Minister was speaking just hours after his Department issued a press statement outlining £600 million worth of projects "selected" for PPPs. These included "a new western river crossing in Limerick on the N7; the Waterford by-pass, including a bridge over the River Suir; a second West Link bridge on the M50 [in Dublin] and key elements of the Dublin Light Rail (Luas) project".

Responding to questions on the National Development Plan from Fine Gael's spokesman on finance, Mr Michael Noonan, and Labour's spokesman, Mr Derek McDowell, the Minister pointed out that public private partnerships could entail infrastructural developments such as roads and waste-water treatment plants. He was speaking during a session of the Oireachtas Committee on Finance and the Public Service.

Pressed by Mr Noonan on whether the Department of Finance had "contractors ready to go" on any of the schemes, the Minister acknowledged that it did not. When he was asked by Mr Noonan if he had had any contacts with business or if any arrangements had been entered into, the Minister replied "No".

Mr McDowell said that companies in the private sector would have to borrow money to engage in PPPs and would have to get a return on their investments. He asked if it was not the case that the State could borrow money most cheaply and therefore could build more cheaply. Replying, the Minister said that that was the case, but other factors, such as speed and efficiency, had to be considered also.