Dublin Bus has retained at least €10 million of a fund made up of unclaimed passenger refunds, while passing on less than one fifth of the total fund to charity under its community support programme.
The company, which yesterday announced the opening of applications for grants from the 2008 support scheme, confirmed to The Irish Times that since 2001, a yearly average of €1.9 million was collected in retained change from passengers.
Dublin Bus follows an "exact fare no change" policy on all buses for passengers who pay cash fares, to minimise the risk of staff being robbed. In the case of overpayment a "change ticket" is issued which can only be exchanged for cash at the company's head office on O'Connell Street.
According to Dublin Bus, the company is unable to disburse more under its community support scheme because the refund tickets are valid forever and it has to provide for the eventuality of customers demanding repayment.
A company spokeswoman was not able to provide detailed accounts yesterday but based on the averages supplied, some €13.3 million will be collected by 2008.
She said about a quarter of the money is reclaimed by passengers at the O'Connell Street head offices. On this basis the fund would amount to €9.975 million.
Taking the grants paid out in 2007 as an annual average over a total of five years in which the grants scheme - as opposed to the collection scheme - has operated, the fund would be depleted by a further €1.915 million. This leaves a retained surplus of at least €8 million.
The company also confirmed that "any interest made is reinvested in the company and used to improve services". The interest on €8 million for one year at 5 per cent would amount to €400,000. Taking the interest into account over seven years since 2001, the fund would amount to at least €10 million.
The company said it was the only European bus service to provide a "change reclaim" facility, and that it encouraged customers to reclaim their money. It also said it operated a wide range of prepaid tickets in which the question of overpayment did not arise.
"On average, 25 per cent of customers claim their change - however the money will always be available to the others if they wish to do so," the spokeswoman added.
Under the 2008 Community Support Programme, the company will award grants to local charities, community groups, schools and sports projects based in the greater Dublin area which includes parts of Kildare, Meath and Wicklow.
The 2008 programme was launched yesterday by its patron, chairman of Sunderland FC and former Irish International footballer Niall Quinn. He was joined by students from St Laurence O'Toole's girls and boys schools, Sheriff Street.
Mr Quinn praised the grants for the difference they had made to communities throughout Dublin. He was not asked about the retained profits from the scheme.
Any group that is located where Dublin Bus operates is eligible to apply. To date more than 700 groups across Dublin have benefited from the programme. Under the initiative, grants range from €1,000 to €5,000.
Closing date for applications this year is April 25th. Application forms are available on the Dublin Bus website www.dublin bus.ie or by e-mail: community @dublinbus.ie
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