In Scotland, Network Rail plans to improve commuter services between Aberdeen and Inverness and after electrifying the route between Edinburgh and Glasgow will roll that out to routes in Central Scotland and Lanarkshire.
However, if a euro exit was to occur at some point in the next few years, there would be nothing preventing the Central Bank of Ireland from cancelling the new bonds or indicating it would roll them over forever and hand back all interest payments.
Now banks are forcing their counterparties to pay a much higher price to roll the paper over, and it is not clear how quickly central-bank injections of liquidity will ease the squeeze.