Cullen tightlipped on airport debt report
He said he would not discuss the issue until the report had been independently examined by PriceWaterhouseCoopers (PwC).
However, it looks increasingly likely that Cork will be saddled with some debt.
There are fears it could be up to €80 million, which could have a knock-on effect on airport charges.
This is despite a former Transport Minister Seamus Brennan pledging in 2003 that Cork and Shannon would start independent operations debt free after the break-up of Aer Rianta.
Aviation Economics were retained by BDO Simpson Xavier to carry out a report into the financing of the three State airports in the context of the break-up of Aer Rianta. It was delivered to the minister last week, who in turn passed it on to PwC for further analysis.
The minister said he hadn’t studied it in detail.
“From what I’ve heard it’s very positive. I’m very confident that we will have a very positive outcome for all three State airports.”
But when asked if that meant Cork Airport would start independent operations debt free, he said the Government had to look at how the break-up of Aer Rianta would affect all three State airports.
“We want to make sure that Cork has a very strong commercial mandate into the future,” he said.
“A good outcome means a viable commercial future. The sooner we have clarity and get agreement from all three boards, the better.
“I would hope it would happen in the next month. I will make no further comment on it until that process is completed.
“It’s been a very difficult process but it’s one that we have to get right.”
Enterprise Minister Micheál Martin said it was important that the report did not affect the viability of Cork Airport.
“All the analysis indicates that Cork is set to do well if it can retain its competitive position. My objective all along was to ensure that nothing happens to undermine the viability of that.”
However, party colleague Noel O’Flynn TD said the Government should honour the 2003 pledge.
Fine Gael TD Bernard Allen said Mr O’Flynn’s comments were akin to “shedding crocodile tears”.
“It looks increasingly likely the airport will be saddled with some form of debt,” he said.
“I’ve heard government TDs speak in public a lot about this issue, saying the airport should be debt free, but they are doing very little to ensure that outcome.”
Meanwhile, the airport’s €200m terminal was handed over to the Cork Airport Authority on Friday.
A decision on when it opens is being reviewed on a daily basis.
It is due to open on a phased basis — to inbound passengers first — within the next few weeks.
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