Report authors, the accountancy firm, Price Waterhouse Coopers, told the assembly's regional development committee that a public/private partnership would be the best option to secure the required overhaul of the province's railways.

According to the report, a partnership system would raise substantial funds to upgrade the system while helping to ensure that levels of service were improved.

Stephen Kingon, a partner with PWC, said sufficient funding would have to be poured into the railway system in the next three years to make it an attractive proposition for private bidders.

"You have got to get enough interim funding in to keep the system operational so that you can implement a medium to long term option.

"The lack of certainty about the future has been about for some time."

Mr Kingon said the morale of staff at transport companies such as Translink had been affected by uncertainty.

He added that the local network was too small to break up the bus and rail systems into separate segments.

Committee chairman Alban Maginness said a decision would have to be made on the future of the transport network within the next few months.

"The political question is not just simply a matter of political judgement," said the Social Democratic and Labour Party assembly member for North Belfast.