CIÉ FARES MUST RISE, SAYS VARADKAR - Yesterday the Minister for Transport, Tourism & Sport appointed new chairpersons to CIÉ and of its three constituent companies, Dublin Bus, Bus Éireann and Iarnród Éireann. Two of those posts were filled from people who had responded to a public advertisement.
Minister Leo Varadkar said CIÉ provided a good service in many areas, but faced problems including falling passenger numbers, a pension deficit and a reduction in State subsidies.
He said the company's losses for last year were not as bad as in 2009, but it still lost €50m. Minister Varadkar said that, as a result, there would have to be some level of fare increases and reductions in services
He said the level of fare increases would have to be determined. He said that if more costs were cut, and more people were encouraged to use public transport, lower fare increases would be needed.
The Minister also said there were no plans for privatisation of CIÉ companies in the Programme for Government.
Asked about the vacancy for the chairmanship of the Dublin Airport Authority, the minister said he anticipated an appointment in the next few weeks.
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IL&P IN TALKS ON EGM DEMANDS - Irish Life & Permanent says it is in talks with its corporate lawyers as it reviews its position on whether it needs to call an extraordinary general meeting of shareholders.
That is in response to a move by shareholders seeking to change the company's recapitalisation plans - including e the sale of its profitable arm Irish Life to help raise €4 billion of capital.
The man leading the shareholders charge is Piotr Skoczylas of Scotchstone Capital. He said IL&P directors were not constructively looking for the best possible solution to its recapitalsiation. He said he wanted the group and the Government to extend the timeline for recapitalisation to allow IL&P to search for global investors.
