Minister for Communications Patrick O'Donovan has said he is not responsible for a leak which claims that An Post is on the brink of financial collapse, which has been branded as "utter garbage" by the organisation's CEO.
David McRedmond said he was furious over what he described as an "irresponsible leak" by "a Government minister" relating to the company's finances.
Mr O'Donovan, who is responsible for An Post, said the leak did not come from him, adding that he is satisfied that An Post is in good financial standing.
'It wasn't me', says minister on An Post leak
The Irish Daily Mail reported An Post is facing a "dire financial situation", alleging that cash reserves dropped below €1 million for the first time.
It was also reported that Mr O'Donovan told the Cabinet the postal service would have made a "substantial loss" last year had it not been for revenue generated by election-related post.
However, Mr McRedmond said this is untrue, calling the report "utter garbage".
"I'm absolutely furious to read something like that," he said.
Speaking on RTÉ’s Morning Ireland, he said: "The results were presented to Cabinet yesterday. They showed the highest revenue we've ever had, over a billion in revenue for the first time".
"They show that we grew our earnings from €38 million to €55 million. They showed that our net profit was €10 million," he added.
He said the service "is performing extremely well", adding it has "got the highest level of parcel growth of any postal operation in Europe".
Mr McRedmond admitted that while An Post did receive a financial boost from local, general and European elections last year, the service still would have avoided a loss.
"We got a big boost from the elections last year, but if it wasn’t the elections, it would be something else," he said, adding that elections also incur "huge costs" for the service.
He said An Post wants "more cash because we're growing so fast".
"We are constantly growing, so we need more working capital," he said.
"We talked to Government about that, but this is all coming from a position of strength," he added.
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Mr McRedmond said the report was disrespectful to both staff and customers of An Post.
"My only concerns are the 10,000 employees of An Post, reading a wholly garbage article this morning when the company that they work really hard for is doing really well," he said.
The staff, he said, have been "so disrespected by this".
"The other is our customers because we have big global commercial customers and if they read this morning that An Post is on the brink, then they're going to think, maybe we should go to someone else," he said. "It's reckless in the extreme," he added.
Mr McRedmond said: "I'm talking to Government about it. I hope there's just some big misunderstanding somewhere and the company, as I say, is doing really well."
An Post released its annual results for 2024 early due to what the service described as its finances and business strategy being "seriously misrepresented" in parts of the media.
The figures show that in 2024, its revenue exceeded €1 billion for the first time.
No talks of An Post 'being on the brink' - Taoiseach
Meanwhile, the Taoiseach has said that there has been no discussion in Government of An Post "being on the brink or anything like that".
Speaking to reporters in Dublin, Micheál Martin said that the company turned a profit last year.
"I was disappointed with the thrust of that story this morning, because I don't think it reflects the strength of innovation and resilience" within the An Post group, he said.
Mr Martin also expressed confidence in the board of An Post and David McRedmond as Chief Executive Officer.
He added that he "didn't know" if there was a leak in reference to Mr McRedmond's comments of an "irresponsible leak" by "a Government minister" relating to the company's finances.
"It wasn't good for the company, and I can understand his anger and his annoyance at what he read today, and I'm not apportioning blame anywhere," Mr Martin said.
"I just simply do not know."
Labour Spokesperson on Finance Ged Nash said the minister responsible for the An Post leak should be identified and sacked.
"There must be consequences when a minister decides to leak commercially and market-sensitive information of any description relating to the financial situation of a commercial semi-State enterprise to the media," Mr Nash said.
"That this even needs to be said tells us all we need to know about the lack of seriousness exhibited by some of those who are privileged to serve in government," he added.
Postmasters relying on Govt to increase funding, says union
Irish Postmaster Union General Secretary Sandra Tormey said that postmasters are relying on the Government to increase funding from €10m to €15m per year to secure the post office network.
Speaking on RTÉ's News at One, Ms Tormey said that the IPU is highlighting to the Government the increasing costs that are incurred by the running of businesses, which otherwise face closure.
"Only last week, we've had two postmasters that have come to us to say they're no longer viable and they are going to put in their notice to An Post to close," she said.
Ms Tormey said that for many postmasters, their contracts with An Post are due to end this year, and many are trying to decide whether it is viable to renew it.
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"If the Government funding remains at €10m, 40% of postmasters will have to consider closing.
"If the Government investment is at €15m, 70% of our members see a future for the next five years, that’s how essential it is," she added.
Ms Tormey said that the IPU has "overwhelming support" from politicians.
"We’re getting great support from politicians throughout the country because a lot of politicians come from rural areas, a lot of them come from urban areas that are underserved," she said.
"They see the vital work and the essential services that the postmasters provide to their community."
She added that the IPU is asking the Government to "step up".
"We are a service that is ready to go, we are a network that already exists, the public trust it – we want more services through our door."
Ms Tormey said that these services would include form generation, assisting in generating an up-to-date register of electors, and helping in tackling digital exclusion.
"One of the things that postmasters do that really goes unserved is the fact that we intervene with our customers when they are being victims of phishing scams, we have direct intervention there," she added.
The Irish Daily Mail said it is standing over the story, the fundamentals of which have not been refuted.
