In January, The Currency’s analysis of official traffic data and toll road contracts predicted that taxpayers would shoulder most of the drop in revenue observed as motorists deserted motorways during last year’s successive lockdowns. One exception was the tolled section of the M8 bypassing Fermoy in Co Cork – one of the rare PPP roads in the country where private carry shoulder all the revenue risk. Accounts filed by the DirectRoute group of companies, owned by investment funds of TIIC in Portugal and 3i in the UK with minority partners Aberdeen Standard and France’s Meridiam, have now confirmed this.  Based…

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