Committee Reports::Report No. 03 - B&I Line plc::12 July, 1988::Appendix

Appendix X

Text of Press Statement issued 11 December, 1987

Mr. John P. Wilson, T.D., Minister for Tourism and Transport, has announced that the Board of the B&I confirmed to him earlier to-day that their five year Plan of Action had now got across-the-board support of the workforce.

Having noted the Plan of Action and its across-the-board support by the workforce the Government agreed, on the basis of the Plan, to provide the Company with up to £11 million in Exchequer equity in 1988. The Government also decided to review the position not later than the Autumn of 1988 on the basis of detailed comparisons of the Company’s performance against forecast.

The Minister has emphasised that the Company’s future cannot be assured by Government support alone but is equally dependent on full co-operation by all concerned in the provision of a continuous, reliable and efficient service. He recognises the significant concessions made by the Company’s workforce in agreeing the Plan of Action with B&I management and he trusts that the combined efforts of Board, management and staff will ensure that the new strategy of a slimmed down B&I will help the Company to achieve a cost-efficient operation, to exploit new business opportunities and to provide the low cost shipping services required for the development of trade, tourism and general economic growth.