Losses are mounting at CIE. The annual report of the transport for 2013 recorded a net deficit of €11.6 million in 2013 from a 2012 surplus of €11.7 million.

CIE borrowings also increased over the 12-month period.

However, the company says its fare income is up €40 million and passenger numbers across its bus and rail network have increased. It says €10 million of payroll savings have been achieved as part of payroll cost agreements.

It says passenger journeys have increased by 300,000 to 229.4 million.

Dublin Bus has seen a return to surplus at just €0.5 million, while the fourth quarter saw passenger growth of 400,000 in the capital's bus system.

While Bus Éireann saw a surplus of €0.4 million and an increase of over 1 million in total journeys.

Iarnród Éireann saw a cost reduction of €25 million - excluding one-off savings - and staff numbers there were reduced by 6.4%.

CIE adds that it does not "underestimate the obstacles that lie ahead", but it is confident that it will continue to improve the public transport network.