We have convened to consider the Transport (Córas Iompair Éireann and Subsidiary Companies Borrowings) Bill 2012. The purpose of the Bill is to change the limits on the amount of money CIE is allowed to borrow to fund day-to-day operations. The limit will increase from €107 million to €300 million.
I welcome the Minister of State at the Department of Transport, Tourism and Sport, Deputy Alan Kelly, and his officials to the meeting. As there are no proposed amendments, a grouping does not arise.
This Bill allows for an increase in the borrowing level of CIE. All the political parties and the Independents have indicated they will support this Bill. I have taken on board their general comments on CIE during the discussion of the earlier Stages of the Bill. I welcome comments from members.
This Bill will increase the borrowing level of CIE to €300 million, which will allow it to lend to its subsidiaries. This is a basic Bill and the changes are an exercise in cleaning up previous legislation. In summary that is the purpose of the Bill.
Does Deputy Ellis wish to comment?
I support this Bill. My only worry is that the State subvention to the CIE group seems to be getting lower and lower. Part of the business plan is to sell off some of its assets. My worry is that if we keep going in that direction, which is the practice throughout Europe, we will sell off all State property or many parts of the business of State companies.
I thank the Minister of State, Deputy Kelly, and his officials for attending. I thank the members for considering this Bill at short notice.
