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Rail Review 2016 REPORT

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Rail Review 2016 REPORT Rail Review 2016 REPORT August 2016 1 Introduction .................................................................................................................................... 7 1.1 Terms of Reference ....................................................................................................................... 7 1.2 Funding ......................................................................................................................................... 8 1.3 Current Position Compared to 2014 ............................................................................................. 8 1.4 Review Participants ....................................................................................................................... 9 1.5 Supporting technical resources .................................................................................................... 9 2 The Rail Network ........................................................................................................................... 11 2.1 Passenger Rail Services ............................................................................................................... 13 2.2 Existing passenger demand......................................................................................................... 16 2.3 Fleet ............................................................................................................................................ 19 3 The Role of Rail ............................................................................................................................. 21 3.1 Introduction ................................................................................................................................ 21 3.2 The Benefits of Travel by Rail ...................................................................................................... 21 3.3 Sustainability ............................................................................................................................... 23 3.4 Rail Freight .................................................................................................................................. 24 4 Potential For Future Growth ......................................................................................................... 25 4.1 Introduction ................................................................................................................................ 25 4.2 Future trends .............................................................................................................................. 25 4.3 Proposed Measures to Improve Rail Services ............................................................................. 26 4.4 Line Speed and Infrastructure ..................................................................................................... 27 4.5 Strategic Network Developments ............................................................................................... 29 5 Financial Situation ......................................................................................................................... 31 5.1 Overview ..................................................................................................................................... 31 5.2 Financial History 2007 to 2015 ................................................................................................... 31 5.3 Appropriate Funding Levels ........................................................................................................ 34 5.4 Fleet ............................................................................................................................................ 37 5.5 Financial Overview ...................................................................................................................... 37 6 Possible Funding Solutions ................................................................................................................. 39 6.1 Introduction ................................................................................................................................ 39 6.2 Existing Projected Funding Gap .................................................................................................. 39 6.3 Potential Solutions to Resolve the Funding Gap and Solvency Concerns ................................... 39 6.4 Balance Sheet .............................................................................................................................. 43 2 7 Conclusions ........................................................................................................................................ 45 Appendices ............................................................................................................................................ 47 3 Executive Summary Ireland has a network of rail lines that have been in place for almost 150 years over which a significant number of public transport rail services are provided. The network supports the economic and social development of the state in providing accessible transport to many key destinations. Approximately 42 million passenger journeys will be completed on the network in 2016, which is returning to the levels achieved at the height of the boom in 2007. The network and services all require significant state funding in order to continue to operate. During the recent economic downturn, the funding for the operation and maintenance of the rail network was reduced significantly and has not recovered to a sustainable level for the network that currently exists. This Rail Review examines the network that is operated, the potential of that network to meet both travel demand and environmental objectives. It examines the funding required to operate and maintain the existing network and identifies the funding gap. It then proposes other means of reducing the funding gap if the full state funding is not available. If the funding gap is not addressed, the consequences are a deteriorating network, increasing safety rules mitigated by slower services or cessation in services, subsequent reduction in passenger numbers resulting in further reduction in revenues to the company, no alternative but to reduce services and a reduction in the benefit to the state of the investment in fleet and track under the Transport 21 programme. This review is also undertaken in the context of the Department of Transport, Tourism & Sport’s document “Investing in Our Transport Future – Strategic Investment Framework for Land Transport” which sets as its first funding priority the achievement of steady state maintenance of the land transport system prior to investing in new assets. Funding Gap The company’s funding gap between current funding levels and appropriate funding levels for the period 2017 – 2021 is approximately €103m per annum. An increased funding of this level per year will bring the spending on the maintenance of the network and the fleet up to an appropriate level and start the investment in refurbished and new fleet to meet future growth. 4 For the period 2009 to 2015 Iarnród Éireann has incurred accumulated losses of €125.1m despite delivering €76m in cost savings in the same period. The accumulated losses were incurred primarily as a result of reduced exchequer funding and falling passenger numbers. The net result of this practice has been to weaken the balance sheet to the point where it is not possible to incur any losses in the future without risking insolvency. The European Union in setting the principles for the operation of railways has outlined that railways should be operated such that the Infrastructure Manager breaks even and the Railway Undertaking returns a reasonable profit. The funding required to address the legacy of accumulated losses since 2009 is an additional investment of €41.7m in each of the years 2017 to 2019, the remaining term of the current Direct Award Contract between the NTA and Iarnród Éireann. The table below combines the funding gap and solvency issues. Funding to address solvency/under- 2017 2018 2019 2020 2021 compensation in previous years: €m €m €m €m €m Funding Gap 102.9 116.7 113.1 93.4 90.6 Compensation for Underfunding 2010 to 2016 41.7 41.7 41.7 - - Total Additional Funding 144.6 158.4 154.8 93.4 90.6 Potential Solutions to Resolve the Funding Gap and Solvency Concerns There are three broad possible solutions for resolution of the company’s current funding shortfall; 1. Increased exchequer grants 2. Network reduction and line closures 3. A combination of 1 and 2 above with a further proposal to address the under compensation to Iarnród Éireann for the Department of Social Protection’s Free Travel Scheme. These are outlined in full detail within this Rail Review. 5 Conclusion Iarnród Éireann has experienced a return to growth in all business areas since 2014. However, despite this, the solvency of the company remains a major concern due to the accumulated losses as a result of the reduced Exchequer funding and the consequent deterioration of shareholder funds. Both the NTA and Iarnród Eireann want to ensure that there is a resilient rail network in place and an appropriately funded company to manage that network so that rail can contribute to the wider social and economic objectives of the state. The rail network is a valuable asset that the state has invested in over many years. An additional €103m over the next five years will secure the long
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