State forced to extend CIE's credit line

The government has been forced to sanction a short-term extension of CIE's credit facilities, after the group's existing banking arrangements on its €100m borrowings lapsed.

Ian Kehoe - avatar

Ian Kehoe

4th May, 2013

The government has been forced to sanction a short-term extension of CIE's credit facilities, after the group's existing banking arrangements on its €100 million borrowings lapsed in recent weeks.

Minister for Transport Leo Varadkar and Minister for Public Expenditure Brendan Howlin were both obliged by law to approve the extension, according to the Department of Transport.

The government intervention is designed to provide time for the troubled transport operator to secure a new deal with...

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