The State-owned CIÉ group of transport companies has warned that it is “balance sheet insolvent”. A submission made by the CIÉ group to the Labour Court as part of that process last October set out a stark financial picture that is understood not to have changed significantly in the interim. This is despite additional Covid- related Government funding for public service obligation services run by the CIÉ Group worth in excess of €360 million so far this year. He said the CIÉ companies as the largest transport providers were the largest beneficiaries. The group in its submission to the Labour Court said it could not increase its cost base further to deal with the pension scheme deficit.

Source: The Irish Times April 23, 2021 03:45 UTC