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Dáil Éireann debate -
Wednesday, 12 Nov 1997

Vol. 482 No. 6

Written Answers. - Irish Rail Debt.

Ivan Yates

Question:

138 Mr. Yates asked the Minister for Public Enterprise the current level of guaranteed Government debt relating to Irish Rail; and the proposals, if any, she has to reduce this level of indebtedness in view of the very substantial interest charges on their current cost structure. [18592/97]

Under the State Guarantees (Transport) Act, 1962, as amended, the State may guarantee medium and long-term borrowings by Córas Iompair Éireann up to a ceiling of £250 million. There is no statutory provision for State guarantees in respect of borrowings by Iarnród Éireann, Bus Átha Cliath or Bus Éireann.

In accordance with the Transport (Reorganisation of Córas Iompair Éireann) Act, 1986 Iarnród Éireann may, with the prior consent of the Board of CIE, borrow temporarily such money as it may require for meeting its obligations and carrying out its duties.

I have no function in relation to the management of CIE group borrowings which is a day-to-day matter for the Boards of Córas Iompair Éireann and its subsidiary companies.

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