Irish taxpayers foot the bill if Motorway firms don’t make enough cash
Irish taxpayers are forced to fork out cash to motorway firms if they don’t make enough in tolls.
A reports in today’s Sun reveals that one private operator of a motorway was handed €2.3 million in state compensation.
This firm then handed its foreign shareholders a €2milllion windfall.
The deals signed by the previous Fianna Fail Government mean that the Irish public can expect to be forking out cash to some of these companies for the next 30-years.
In 2014 a staggering €58,452,426 was brought in in motorway tolls for private firms.
Remarkably the lucrative Public-Private Partnership deals ensure that some toll roads receive guaranteed payments from the state if traffic falls below a certain level.
Last year the Eurolink Motorway Operations (M3) between Clonee/Kells was handed €2,301,000 by the taxpayer, even though the accounts show operating profits of €19,810,000.
The Sun reports that the M1 Dundalk Western Bypass made €10,517,629.
The M6 Galway/Ballinasloe earned €6,293,000 in tolls despite receiving €646,000 in NRA payments.
The M8 Rathcormac/Fermoy made received cash from the taxpayer despite earning €7,480,105.
The M4/M6 Kilcock/Kinnegad had an operating profit of €11,110,000 and reported a salary bill of €1,706,000 for its 27 staff (average of €63,186 each).
However, the tax payer may take some consolation in the fact that the M50’s operator ‘National Toll Roads’ was bought by the State for €600m in 2008 raked in a whopping €98,179,000 in 2014, posting a profit of €17,549,000 in profit after expenses.