Displaying items by tag: Bailouts
Varadkar Warns of No Bail-Out to State-Owned Ports
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.
