‘Significant doubt’ over CIÉ future

CIÉ’s financial position has deteriorated so sharply that the group’s auditors have warned about its ability to continue to trade as a going concern.

In its latest annual report, CIÉ revealed a net operating loss of €6.1m in 2011, despite a government subvention of almost €280m last year.

It brings the group’s net current liabilities to over €394m, including bank borrowings of €77.8m. Its cash levels shrunk by €11m to just €3.6m at the end of last year.