On Tuesday 9 June, Chartered Accountants Ireland in partnership with the British Irish Chamber of Commerce held an expert panel discussion that brought together leading voices from across industry and finance to explore the opportunities and challenges shaping infrastructure investment.
Institute’s Chief Executive, Rosemary Keogh welcomed members and guests to Chartered Accountants House and spoke about how infrastructure is key to building a modern society and to unlocking our full economic potential.
The subsequent panel discussion focussed on mobilising private sector investment for infrastructure and was moderated by Michele Connolly, a Fellow of Chartered Accountants Ireland, member of the Accelerating Infrastructure Taskforce, and former Partner and Head of Global Infrastructure at KPMG. The panel members included fellow Chartered Accountants Ashleen Feeney and Donal Murphy as well as James O'Reilly, Seamus Flynn and TJ Hunter, who shared their considerable expertise and insights throughout the morning.
Private sector finance
A key discussion topic was the need for private-sector finance to deliver Ireland’s economic, environmental and social goals. Ireland needs approximately €250bn in investment to deliver critical infrastructure over the next ten years (the UK is expected to require £1tn over the similar timeframe) as governments seek to accelerate infrastructure delivery and economic growth.
When considering the barriers that remain to the mobilisation of private-sector investment, the panellists recommended that the Government take a commercial view when it comes to infrastructure projects to make them more investible. It urged the Government to recognise that private sector capital will play a critical role in delivering the scale of investment required in both Ireland the UK, and that this capital should be allowed to make a return.
In that context, the role of accountants in understanding the language of potential investors was discussed along with the importance of bringing financial expertise onboard early in the project lifecycle alongside engineers and planners so that risks can be identified and mitigated.
It was also pointed out that generally the public are not put off by the fact that certain pieces of infrastructure are funded from private sources and that they are often more concerned with delivery and the benefits of the projects.
The Institute’s position on infrastructure: share your perspectives
Throughout the lifecycle of infrastructure projects Chartered Accountants Ireland members play an enormous role both in the private sector and public sector. They undertake and assess detailed cost benefit analyses. They identify and quantify risk and examine ways to mitigate it. They provide strategic insight on the most commercially viable options.
As part of our policy work Chartered Accountants Ireland is developing a formal position on infrastructure, with a particular focus on the need to mobilise sufficient finance to support delivery. This work aligns with the objectives of the Accelerating Infrastructure Taskforce. To inform our approach, we have been engaging with stakeholders across business and wider society to gather insights that will shape a constructive, solutions-focused contribution on behalf of our 40,000 members. We welcome member perspectives. Please email: grant.sweetnam@charteredaccountants.ie or susan.rossney@charteredaccountants.ie to contribute.
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