POST offices losses are to increase fourfold to £12m this year from £3m in 2000, according to the Minister for Public Enterprise Mary O’Rourke.
She told the communications union (CWU) conference in Tralee yesterday that if the post office system does not change, losses could hit £28m in 2004.
Employees in An Post will receive nearly £2,600 (euro 3,301) each in an employee share option plan (ESOP) which will be established at the State-owned company as part of a Bill published by the Minister for Public Enterprise, Ms O’Rourke, yesterday. The bill also allows the company to enter into an equity-based alliance with another postal company.
Read MoreBritish Airways and Iberia, the recently privatised Spanish national airline in which BA holds a nine per cent equity stake, have notified the European competition authorities of their plans to deepen their alliance on short and long haul flights.
Read MoreRoyal PTT Post of the Netherlands, part of TNT Post Groep, today introduced Privver, a personal letterbox on the Internet through which consumers are able to receive important postal items electronically. The first phase of market introduction is a pilot project open to 6,000 active Internet users who will be able to get their post in this way.
Read MoreFurther share issue?
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