CIE is bust. Last week its cheques were on the brink of bouncing. How did it come to this? How could a company with an annual subsidy of €278m find itself on the verge of insolvency?

There is ‘something of the dark’ about CIE. Or at least a very thick fog embracing the murky company. It has always wrapped itself in a blanket of secrecy.

Despite its complete dependence on the taxpayer CIE is not subject to the Freedom of Information Act. Journalists seeking information will readily receive the time of the 44 bus or the trains to Cork — but when they ask what the directors are cooking up, the shutters come down.

Probably for good reason.