Timmy Dooley (Clare, Fianna Fail)
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138. To ask the Minister for Transport, Tourism and Sport his views on the current financial situation in the Coras Iompair Éireann group of companies; if he will provide an update on same; and if he will make a statement on the matter. [9931/15]

Paschal Donohoe (Dublin Central, Fine Gael)
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CIÉ remains in a difficult financial situation and has incurred accumulated losses of over €137m in the five years from 2009 to 2013.  This trend is unsustainable and is being addressed on a number of fronts.

CIÉ is dependent on continued bank funding and new banking facilities, agreed in 2013, contain a number of financial covenants, all of which were met in 2014. Because of the dependence of CIE on its bank facilities, it is important that the Group performs in line with its business plan as submitted to the banks. CIE will face more demanding bank covenant targets this year and in later years so it is critical that its financial performance meets the required levels to underpin its funding agreements.

I gave a commitment to avoid further reductions in the Public Service Obligation funding and for the first time since 2008, the level of Public Service Obligation (PSO) for bus and rail services is being maintained in 2015 at the same level as in 2014.  I was also able to secure an additional €101 million in funding for our public transport companies in a Supplementary Estimate at the end of last year, which included €45 million for Irish Rail's network renewal investment and €50 million for bus renewal for Dublin Bus and Bus Éireann.

I remain strongly supportive of the efforts to secure CIÉ’s financial sustainability in order to ensure that public transport services can be provided efficiently and cost effectively, with investment needs met over the long term. These measures are necessary components that will contribute to addressing the financial position of the CIÉ Group.