Varadkar warns CIE that public transport system could collapse next year
on 18/10/2012 18:36:09
The Transport Minister says €36m in extra funding is still available for the company this year, but he Is "running out of pockets".
The Minister has ordered CIE to develop a realistic business plan, implement cost reductions, sell-off non-core assets and secure new credit facilities.
Varadkar says the very survival of public transport depends on it: "This year I may be able to take money from one pocket and put it into the other, rob Peter to pay Paul, and kick the can down the road. But I'm running out of pockets and running out of road.
"If we don't see progress on the four issues I've mentioned, I won't be able to find the money to keep the companies operating by the middle to the end of next year.
"There will be no choice, public transport will then fail in Ireland."