asked the Minister for Communications the borrowings on the current side made by CIE in 1983.
Written Answers. - CIE 1983 Borrowings.
41.
On the current side CIE borrowed £14.32 million in 1983. The board's total temporary borrowings now stand at £36.19 million. The Government recently decided to provide assistance for CIE in relation to the board's temporary borrowings. As a result CIE will be authorised to convert £30 million of their temporary borrowings into a loan to be redeemed over ten years by an Exchequer provision of £3 million per year commencing in 1985. CIE will be required to meet the interest charges on the loan and to eliminate the balance of £6.19 million from their own resources. This will improve considerably CIE's financial position by easing substantially the financial pressures on the board.