independent

Wednesday 16 April 2014

Even bigger hikes avoided thanks to state cash boost

DUBLIN Bus and Irish Rail passengers have been spared sharper fare hikes after CIE got an emergency €36m state funding boost.

A government bailout intended for the two semi-state companies has been released after being withheld by Minister Leo Varadkar last October.

The minister has allowed the subvention to be drawn down after cost-cuts and work-practice reforms were rolled out, and the company sold its stake in former freight yards in Spencer Dock last month.

The minister had been critical of the pace of reform when he withheld the €36m promised last July.

Sources said passengers would likely have suffered bigger hikes if the money had not been released.

Irish Independent

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