RTÉ faces being 'insolvent' by spring next year if it does not get taxpayer bailout of tens of millions of Euro.
RTÉ executives, including Director General Kevin Bakhurst, are once again appearing before the Public Accounts Committee (PAC) this morning.
The broadcaster is currently facing a major shortfall in its fincances with the Government insisting any bailout will be withheld until it brings forward a plan delivering significant cutbacks and savings.
The Media Minister Catherine Martin yesterday confirmed that the State's New Economy and Recovery Authority - known as NewERA – has found that the fall in licence fee payments could cost RTÉ €21 million this year and €40 million next year.
The broadcaster had already said it needed nearly €35 million in funding before the crisis emerged.
'Worrying'
Under questioning from Independent TD Verona Murphy, Mr Bakhurst said his team is working to cut costs – but the prospect of not getting the bailout is “worrying”.
“If we didn’t get this cash, we would run out of cash that is for sure,” he said.
When Deputy Murphy asked him to confirm that the cash would be needed by spring of next year, he said: “It is worrying”.
Earlier, Mr Bakhurst told the committee that 'several million euro' had been saved through the recent freezes in discretionary spending and recruitment.
RTÉ Campus
He also said that RTÉ is ‘unlikely’ to sell off its Dublin 4 campus – but it is exploring plans to sell parts of it.
“Among the elements being explored is the sale of more of the campus,” he said. “An issue I know several of you had expressed an interest in.
“We are awaiting more up-to-date valuations but early indications are that a complete sale of the Donnybrook campus is unlikely and the repurposing of the current site will not be without challenges and costs.”
Mr Bakhurst said RTÉ’s short-term cash reserves are 'solid' but again pleaded for reform of the public service broadcasting funding model.
He said RTÉ is managing the finances 'carefully' amid the fall in TV Licence fee funding.
