asked the Minister for Tourism and Transport if he will make a statement on the present position regarding the future of the B & I company.
13.
Ceisteanna—Questions. Oral Answers. - B & I Line.
9.
asked the Minister for Tourism and Transport the progress if any, which has been made to date in bringing B & I back into profitability; and if he will make a statement on the matter.
I propose to take Questions Nos. 9 and 13.
As I indicated during the course of the debate on the B & I Line Bill, 1988 in March last, the Government, on 11 December 1987, having noted the B & I's plan of action and its across-the-board support by the company's workforce, agreed, on the basis of the plan, to provide the B & I with up to £11 million in Exchequer equity in 1988. The Government also decided to review the position of the B & I not later than the autumn of 1988 on the basis of detailed comparisons of the company's performance against forecast.
The plan of action forecasts an operating loss of £1.7 million for 1988 and a net loss, after financial charges, of £6.2 million. I am pleased to say that, in the context of the recent B & I annual general meeting, the B & I chairman indicated that for the four months to end April, 1988 the company's financial performance was £800,000 better than forecast. It is too early to say whether this trend will be maintained throughout the rest of the year. I can inform the House, however, that I have exhorted the board of the B & I to make every effort to improve, if at all possible, on this level of performance.
I compliment the Department and the workers in B & I on the successful turnabout in the company. When does the Minister anticipate he will be in a position to report to the House with regard to progress in the development of the company?
I have already reported on the first four months to the end of April. As reports from the company come through, I am prepared to give information on B & I's performance in answer to questions intelligently placed.