Iarnrod Eireann set to hit the financial buffers by 2016

Iarnrod Eireann is due to hit a cash crisis within two years even if its workforce signs up to a new set of modified pay cuts next month, according to internal company projections.

Iarnrod Eireann's shareholders' funds are projected to be at a negative €8.3 million in two years Picture: PA

Iarnrod Eireann is due to hit a cash crisis within two years even if its workforce signs up to a new set of modified pay cuts next month, according to internal company projections.

The latest proposals for pay and pensions savings from the Labour Court slashed the original target from €33 million last summer to just €16.9 million and these will be voted on by members of Siptu and the National Bus and ...