Dáil Éireann Debate, Tuesday - 4 May 2004
79 Ms Burton asked the Minister for Transport if he intends requesting CIE to sell off some of its property, estimated at €500 million, to reduce its debt; if such a request is a precursor to reducing CIE’s debt in advance of his plan to break up the company; and if he will make a statement on the matter. [12486/04]
View answerI have been encouraging CIE to dispose of properties which are surplus to operating requirements with a view to generating funds for major capital investment and to develop properties which have the potential to generate additional income for the group. While CIE has the potential to generate significant funds from property, any particular decision on any disposal or development is dependent on a range of factors, including market conditions at the time of disposal or development. Several sites have by now been disposed of by the company, and in other cases joint venture development has been adopted as the preferred option. No decisions have been taken on the reduction of debt as part of the detailed preparatory work on the restructuring of CIE.
