Mr. Ray Hernan:

Based on the projected outcome for the year end of 2016, we will end up with reserves coming into 2017 of €7 million. Given that we lost between €8 million and €9 million last year, we will be insolvent before the end of this calendar year if that run-rate continues. That is why I am saying there is such urgency to implement what I regard as a survival plan.

I would also like to highlight, and it is a matter of urgency, that it is not just about potential insolvency by the end of the year. The other point that the committee needs to appreciate is that our board has fiduciary obligations to sign off on last year's annual accounts around the end of March. To allow it to sign off and to sign off for Bus Éireann as a going concern we need to present a plan that demonstrably highlights that we can turn to profitability in the very near future. If we cannot, then our board will not be able to sign off the accounts and the compnay as a going concern, and that creates a huge difficulty for the organisation.