The board of Bus Éireann have agreed to sign off on the company’s 2016 financial statements and formally approved a Budget for 2017, along with a new business plan.

The plan critically relies on the implementation of cost saving measures which have been agreed with staff as part of a comprehensive Labour Court recommendation, to restore and strengthen the financial position of the company.

Aidan Murphy, Chairman of Bus Éireann said: “After a very difficult period, the Board welcomes the presentation of a viable business plan, which was formally approved today to enable management to advance a significant plan of progressive revenue enhancing and cost saving initiatives required for the business.

"This will, I believe, also form the basis of achieving a sustainable future for Bus Éireann [...] I am now confident that we will continue to build on our past success to provide a sustainable and progressive service for all of our customers, staff and stakeholders into the future.”

Earlier this month, members of the National Bus and Rail Union (NBRU) voted to accept Labour Court recommendations on the Bus Éireann dispute.

The vote was 67% in favour of the recommendations.

The dispute - which centred around proposed cost-saving measures at the embattled company - led to a three-week strike by workers.

The strike was lifted after the Labour Court recommendations were issued last month.

SIPTU and Unite workers also voted to accept the measures.