The Irish government look set to reconsider the current guidelines overseeing public and private partnership agreements, after the dramatic decision by Michael McNamara to withdraw from five projects, earlier this week.

However, Minister of State for Finance Michael Finneran has said there is absolutely no doubt that the State requires private construction companies to become involved in massive developments, to ensure there is "no going back" to large local authority estates, prominent in the past.

There are up to 15 Public-Private Partnership's (PPP's) throughout Ireland, encompassing government and local authority cooperation.

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A Dublin City Council Spokesman has confirmed senior officials will meet Department of Environment delegates, this week, to discuss how to get the €900m regeneration plans, which have stalled, underway again.

Among the affected projects are the €265 million redevelopment of St Michael's Estate in Inchicore, the €200 million plan for Seán McDermott Street and the €180 million regeneration of O'Devaney Gardens, off the North Circular Road.

Mr McNamara is said to have blamed the slowdown in the property market and changes to apartment planning regulations for his firm's decision to withdraw from five PPP projects.

Although the firm is said to be still in talks with government officials regarding the construction of north Dublin's Thornton jail. The Department of Justice, Equality and Law Reform selected McNamara as the preferred bidder 14 months ago.

See: Social Housing Project Collapse 'Blow To The Most Vulnerable'

(PR/JM)