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Cork Airport saddled with €100m debt

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    Cork Airport saddled with €100m debt



    Cork Airport told to pay €100m of debt


    By Eoin English, Seán O’Riordan and Stephen Rogers
    THE Government has told Cork Airport it wants it to pay €100 million towards the cost of its new airport terminal.


    However, the Cork Airport Authority Board yesterday ordered that a letter be sent to the Taoiseach telling him his Government will not break its promises by forcing it to take on the potentially crippling debt.


    Chairman of the Cork Airport Authority, Joe Gantly, yesterday told the board that of the €220m debt it had amassed with the Dublin Airport Authority (DAA), the Government wants it to pay €100m.


    The DAA will absorb the rest.


    The decision to saddle Cork with the debt follows several meetings between Mr Gantly, the Taoiseach, and Enterprise Minister Micheál Martin in recent weeks.


    By imposing that decision, the Government has done a U-turn on the commitment given in 2003 by then Transport Minister Séamus Brennan that each of the State’s airport’s would have debt-free status once they began independent operations.


    Yesterday, Mr Gantly was told by the board to write to the Taoiseach saying it rejected the proposal. The board was appointed on the basis that the airport would start free after Aer Rianta was broken up.


    It is understood that airport management is working on a business plan that would incorporate the €100m debt. The plan will be brought before the board in the coming weeks. The Government wants the issue resolved before the election.


    The €220m total Cork Airport owes Dublin Airport is made up of €180m for its new terminal building and €40m of older debt.


    Neither Dublin Airport Authority, nor Cork Airport Authority were willing to comment on the contents of proposals.


    Mr Martin’s office said as far as he was concerned the matter was still being discussed by the two boards.


    Fine Gael TD Jim O’Keeffe said it was devastating news that the airport was going to be forced to pay €100m of its debt.


    His party colleague Simon Coveney described the move as “the most blatant breach of a political promise in Cork during the lifetime of this Government”.


    When Aer Rianta was split up and Cork, Shannon and Dublin Airports agreed to go it alone, the Government — in an effort to get the agreement of management at Cork Airport — gave an absolute assurance in writing, later confirmed by the Taoiseach in the Dáil and directly to the staff, that Cork Airport would not be saddled with the debt associated with the building of its new terminal.


    Click here for irishexaminer.com stories before this date
    Excellence is hard to keep quite - Sherrie Coale

    #2
    Calm Point calm.

    Comment


      #3


      Originally posted by Dermot G
      Calm Point calm.

      I am currently staggered and stunned [img]smileys/shock.gif[/img]. Soon to be replaced with incandescent anger. I just cannot believe this.

      Comment


        #4
        Morning point[img]smileys/biggrin.gif[/img]
        Excellence is hard to keep quite - Sherrie Coale

        Comment


          #5
          220 Million and there isnt even a decent bar in departures.
          My computer thinks I'm gay
          What's the difference anyway
          When all the people do all day
          Is stare into a phone

          Comment


            #6
            Originally posted by McCloud


            Chairman of the Cork Airport Authority, Joe Gantly, yesterday told the board that of the €220m debt it had amassed with the Dublin Airport Authority (DAA), the Government wants it to pay €100m. The DAA will absorb the rest.


            When Aer Rianta was split up and Cork, Shannon and Dublin Airports agreed to go it alone, the Government — in an effort to get the agreement of management at Cork Airport — gave an absolute assurance in writing, later confirmed by the Taoiseach in the Dáil and directly to the staff, that Cork Airport would not be saddled with the debt associated with the building of its new terminal.


            So what fool would believe a single syllablethat utters from the mouth of the most cunning, ruthless, devious and corrupt Taoiseach in the history of the State?


            New infraction avoidance policy: a post may be described as imbecilic, but its author should never be described as an imbecile.

            Comment


              #7


              Originally posted by McCloud
              Morning point[img]smileys/biggrin.gif[/img]

              Buenas dias de Madrid !

              Comment


                #8
                Originally posted by Old Dog
                Originally posted by McCloud


                Chairman of the Cork Airport Authority, Joe Gantly, yesterday told the board that of the €220m debt it had amassed with the Dublin Airport Authority (DAA), the Government wants it to pay €100m. The DAA will absorb the rest.


                When Aer Rianta was split up and Cork, Shannon and Dublin Airports agreed to go it alone, the Government — in an effort to get the agreement of management at Cork Airport — gave an absolute assurance in writing, later confirmed by the Taoiseach in the Dáil and directly to the staff, that Cork Airport would not be saddled with the debt associated with the building of its new terminal.


                So what fool would believe a single syllablethat utters from the mouth of the most cunning, ruthless, devious and corrupt Taoiseach in the history of the State?


                A lot of us, OD, I'm afraid. This is one of the most devastating things to happen in the southern capital since Fords/Dunlops. The corruptness of this decision and the handing of the building of the airport, to its biggest competitor, is without parallel.


                You've heard of the pub with no beer, this will be the airport with no flights ! 80 flights have already been pulled out in the last few months.

                Comment


                  #9






                  <TABLE width=500 align=center>
                  <T>
                  <TR>
                  <TD colSpan=2>
                  'When I use a word,' Humpty Bertie said, in a rather scornful tone,' it means just what I choose it to mean, neither more nor less.'


                  'The question is,' said Alice, 'whether you can make words mean so many different things.'


                  'The question is,' said Humpty Bertie, 'which is to be master - that's all.'


                  Alice was too much puzzled to say anything; so after a minute Humpty Bertie began again. 'They've a temper, some of them - particularly verbs: they're the proudest - adjectives you can do anything with, but not verbs - however, I can manage the whole lot of them! Impenetrability! That's what I say!'</TD></TR></T></TABLE>
                  New infraction avoidance policy: a post may be described as imbecilic, but its author should never be described as an imbecile.

                  Comment


                    #10


                    80 flights already ?!


                    Why?

                    Comment


                      #11
                      Originally posted by Bitter As A Lemon


                      80 flights already ?!


                      Why?


                      Because the landing charges were starting to become prohibitive. The Airport has been utterly kippered by FF/PDs. I just hope the people of Cork get off their arse and protest this, especially with the election. Unfortunately we have the most appalling politicians in the state.

                      Comment


                        #12
                        Does that mean they will fly into Shannon?[img]smileys/cool.gif[/img]

                        Comment


                          #13


                          Originally posted by Bitter As A Lemon
                          Does that mean they will fly into Shannon?[img]smileys/cool.gif[/img]

                          [img]smileys/lol.gif[/img], sympathic langer ! No, they are just pulling out. Looks like SNN has its problems as well.


                          Unions overwhelmingly rejected proposed measures

                          Dublin Airport Authority has withdrawn a €35m restructuring deal for Shannon Airport after it was rejected by unions, it has been revealed.


                          The proposed measures had included reducing costs by €9million per annum through 200 voluntary redundancies.

                          In return, staff would get redundancy payments of ten weeks` pay per year of service, enhanced pensions, and €10,000 lump sums for remaining staff.

                          The DAA also wanted increased flexibility in work practices and working hours as part of the survival plan.

                          Unions rejected a call for voluntary redundancies, so management must now look at other ways to reduce their cost base.

                          Meanwhile the Irish Congress of Trade Unions is seeking a meeting with the Minister for Transport, Martin Cullen.

                          Comment


                            #14


                            It's an utter disgrace but we could see it coming.


                            However, the one and only window of opportunity is the upcoming Gen Election and Cork voters should use this implacably.


                            Do we have a single able/honest politician in Cork?


                            For that matter, do we have one in the country?


                            It's up to ourselves to resolve this before next May, but I greatly fear that righteous rage and indignation died in Ireland with the onset of the Celtic Tiger.

                            Comment


                              #15
                              Originally posted by Dawn Run


                              It's an utter disgrace but we could see it coming.


                              However, the one and only window of opportunity is the upcoming Gen Election and Cork voters should use this implacably.


                              Do we have a single able/honest politician in Cork?


                              For that matter, do we have one in the country?


                              It's up to ourselves to resolve this before next May, but I greatly fear that righteous rage and indignation died in Ireland with the onset of the Celtic Tiger.


                              Dustin the TurkeyI reckon
                              "Strike me flamin' handsome!!!" - Alf Stewart

                              His body is only a fuel tank for his micky - a work colleague talking about a fella he knows.

                              Comment

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