Alan Kelly (Tipperary North, Labour) | Oireachtas source

As the Deputy is aware, last year we put an extra €36 million into CIE, which will mean that in 2012, some €166 million went to Irish Rail and €126 million is budgeted for in 2013. Further financing was required in 2012 to fund the voluntary severance scheme and the sale of non-core assets such as a Spencer Dock property, which was central to that. The issue of voluntary severance is serious because as that is rolled out we will gain continued savings through the years. CIE has put in place a five-year business plan, a large proportion of which relates to Irish Rail. It has sought to secure additional banking facilities in 2013, through an NPRF loan.

They are looking at various other ways of executing the business plan to ensure the efficiencies necessary in Irish Rail over the next five years can be achieved. Following successful negotiations with Irish Rail €11 million per annum has been saved and a great deal of progress in terms of services for passengers has been made. It is hoped this, in tandem with the business plan, will result in an increase in passenger numbers and an improvement in the company's balance sheet.

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