Problem with this is its a very short term solution, the debt will simply climb rapidly to hit the new limit with interest payments to match. The fundamental problem is lack of timely funding from government.
When CIE was split the entire debt, €171 million if I recall correctly at 2002 prices was transferred to IE, the report into restructuring of CIE recommended it be cleared.
It remains to be seen what kind of spending power IE actually have, new and reopened lines requiring a works order are still DoT as IE have no power unless instructed, next question is the inverse when will the day come that IE refuse to carry out the ministers request, I'm thinking WRC here where management want nothing to do with the bit beyond Athenry. I'm all for balance regional development but thats the responsibilty of the county council
Fundamental issue here is rail services are run by politics not based on sound management principles, what is needed is to set Irish Rail up as a solid dept free commercial company without a single political appointee anywhere and let them get on with it
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