18/04/11

Press Conference on Bus Eireann and Dublin Bus finances

Release to: Coach Journals
Date: April 2011
Title: Varadkar's deal with airlines is an unfair sideshow says coach companies

Where: Buswell’s Hotel, Molesworth Street, Dublin 2 
When: 11.00am, Wednesday 20th April 2011 (photocall at 10.45am)

Content: Launch of A Financial Analysis of Ireland’s State-Owned Bus Companies by Mazars Consultants, a report commissioned by the Coach Tourism & Transport Council (CTTC) of Ireland

The Coach Tourism & Transport Council of Ireland (CTTC) will launch a financial analysis of the audited financial statements Bus Eireann and Dublin Bus. This report has been commissioned by the CTTC and carried out by Mazars Economic Consultants.

The CTTC will use this report launch to call for a greater role in the public transport system (particularly Public Service Obligation services) for independent bus operators. It will also explain how the State could save:
·         €20-30m per year on Bus Eireann costs
·         €50-60m per year on Dublin Bus costs
·         €14m per year on School Transport costs

The report also highlights a lack of information on how State funding is utilised in the State companies, particularly as it relates to:
·         School Transport Scheme, where the accounts of this important social service are combined with the commercial Expressway services
·         The provision of €150m for Liabilities and Charges, which equates to over ten times what is actually required for claims each year  
·         Loans from Bus Eireann and Dublin Bus to CIE of over €140m
·         CIE Tours International which is a commercial coach tour operator and CIE subsidiary, but for which no published accounts are available.

Speaking at the press conference:
·         CTTC Chief Executive Gerry Mullins
·         Financial advisor Jimmy Kelly
·         Noel Matthews of Matthews Coach Hire Ltd (operates Dundalk / Dublin commuter services).

The report will be embargoed until Wednesday at 9.30am.