Oireachtas Joint and Select Committees

Thursday, 18 July 2013

Joint Oireachtas Committee on Transport and Communications

CIE Group Financial Situation: Discussion with Group Management

3:20 pm

Ms Vivienne Jupp:

Regarding the lessons learned, we have examined all of the reasons that contributed to our cash shortage. We have reorganised our finance and treasury function to ensure we have the right skill sets to deal with the challenges we are facing. A number of factors came to a head - we had been making losses, the subvention and revenue decreased and fuel prices increased. It was a perfect storm that led to cash difficulties. I am delighted we were able to put in place new processes and procedures and am grateful for the extra subvention from the Government, which tided us over until we were able to renegotiate our banking facilities.

Sections of former railway lines have been developed as walkways. CIE has no objection to people walking along them. We are generally supportive of the development of greenways on former railways, but each of the lines must be considered separately in the context of potential railway development. We also liaise with local groups and local authorities on the development of each section. Progress has been made on certain sections by walking groups. We are considering north Kerry, Mullingar, Athlone, Navan, Kingscourt and New Ross. The difficulties experienced in some areas were not caused by us.