Tag: UK

Department of Communications officials told the Taoiseach that An Post could go bust within 18 months unless there is a radical turnaround in its fortunes.

The stark warning emerged in a March 2004 briefing document released yesterday under the Freedom of Information Act.

At the tail-end of last March’s bitter industrial action the briefing note says:

“Unless the company is turned around in the next 18 months it faces insolvency.”

“An Post which began this decade with slim profits, but a cash balance of over 170m has a net cash balance of almost zero,” it continued.

“It is currently being forced into sales of assets to avoid going into overdraft to pay day-to-day bills.”

The General Secretary of the Communications Workers’ Union has accused An Post of massaging its figures to justify shutting down its parcels division.

Last night the government-backed National Implementation Body ordered An Post to share the relevant financial information with the unions.

Terry Delaney of the CWU said An Post had been told to re-engage with unions in the partnership process and to make available the figures behind its decision to close SDS, its parcels division.

Steve Fitzpatrick of the CWU said earlier that it was now beginning to look like open season on all public sector workers.