Dublin Bus is now heading towards a more stable financial position although the company still faces significant challenges, its new chairman-designate has told an Oireachtas committee.

Addressing the Oireachtas Joint committee on Transport and Communications, Ultan Courtney said that Dublin Bus had experienced a few very difficult years.

He said that over €60 million per year in cost savings had been made while additional revenue had been generated as a result of increased fares and additional passenger numbers.

“This has meant making some very tough choices about reducing costs, fleet size and changes to routes and schedules. All of the staff in Dublin Bus have made their contribution to these changes and the company is now heading towards a more stable financial position. However capital investment is also a priority and has to be renewed and sustained.”

Mr Courtney said that careful and prudent management of the limited financial resources available to the company remained a top priority for senior management and the board.

“Areas of focus include the ageing of the fleet, the nature and size of the (State) subvention, continuing to give customers value for money and getting value for money from our suppliers.”

Mr Courtney told the committee that he had started work as a bus conductor and later bus driver with CIE in 1979. He subsequently studied economics at Trinity College and left the transport group in 1987.

He later worked in senior management posts in a number of Irish companies and has run his own management consultancy service for the last 7 years.