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Displaying items by tag: Bailouts

Minister for Transport and Tourism Dr. Leo Varadkar T.D. has warned that if state-owned ports get into financial difficulties they could become under the control of local authorities, as reported in todays' Irish Independent.
The minister was addressing a conference yesterday hosted by Dublin Port Company which was discussing it master development plans to 2040. He said that his department was assessing whether the government should retain ownership of ports following last month's publication of state assets led by economist Colm McCarthy.

In the report it was noted that there are too many ports and that the sector would benefit from a rationalisation of ownership and management structures. The decision which will be made over the next few months not only concerns the fate of the capital port but also the following state-owned ports: Dun Laoghaire, Waterford, Drogheda, Dundalk, Cork, Shannon Foynes, Wicklow, New Ross and Galway.

Mr Varadkar also warned that state money wouldn't be made available to bolster ports' balance sheets. "Where port companies are not successful, there will no bailouts and there will be no state aid. "It just isn't possible for the Government in the situation it's in to offer that," he said.

"Where smaller ports find themselves unable to continue operations, amalgamations or transfers to local authorities will be the preferred option."

On the issue of selling Dublin Port the company's chief executive Mr. Eamon O'Reilly who has cited previously that the port should not be sold as a private operator would not have the same incentive to invest as they would be focusing on generating returns.

As for the masterplan, he emphasised that the port would need to double its capacity so to handle the expected trade levels by 2040. He conceded the masterplan will cause some controversy but said the port has "great potential" to facilitate economic growth and make Dublin a better city to live in.

Published in Ports & Shipping

Dun Laoghaire Regatta 2023 Cruisers One

A 24-boat fleet will contest Cruisers IRC One at Volvo Dun Laoghaire Regatta 2023: 

  • IRL 2160 Blast on Chimaera J109 Barry Cunningham
  • GBR 8529C Mocking-J J109 Ben Shelley
  • IRL 29213 Something Else J109 Brian John Hall
  • GBR 9470 Banshee Corby 33 Charlie Frize
  • IRL 28898 Powder Monkey J109 Chris Moore
  • GBR 8933R Bon Exemple Colin Byrne
  • GBR 1508R Salamander XXIII J109 Craig Corson
  • IRL 9898 Indecision J109 Declan Hayes
  • IRL 1095 Dear Prudence J109 Dp Partners
  • IRL 1003 FINAL CALL II RC35, ARCHAMBAULT A35 Gareth Flannigan
  • IRL 19109 Outrajeous J109 John And Suzie Murphy
  • IRL 1206 Joker 2 J109 John Maybury
  • IRL 3307 JACOB VII Corby 33 John Stamp
  • GBR 2068R Blue Jay J109 John Stanley-Whyte
  • IRL 13500 D-TOX X-35 Kyran McStay
  • IRL 1699 Snapshot Michael and Richard Evans
  • IRL 1141 Storm J109 Pat Kelly
  • GBR 9498R Going to Red J109 Peter Holden
  • GBR 7377 Imposter Corby 33 Richard Fildes
  • GBP 1242R White Mischief J109 Richard Timothy Goodbody
  • IRL 53222 Riders on the Storm J109 Robert Kerr
  • GBR 8543R Jings J109 Robin Young
  • GBR 704R Game Changer Beneteau 40.7 Shaun Douglas
  • IRL 1543 Indian J109 Simon Knowles
  • GBR 732R HIJACKER CUSTOM KER 32 Stuart Cranston
  • IRL 1383 Ruth J109 Tom Shanahan