Airport serving a debt sentence

THE chairman of the Dublin Airport Authority (DAA), Gary McGann, has written to the Cork Airport Authority (CAA) and told them they must accept a €100 million debt.

This debt was, in fact, undertaken originally by the DAA which borrowed the money for the new airport development in Cork

It is important to note therefore that the CAA had nothing to do with those plans, did not borrow the money and was set up after the whole thing had gone ahead. But when it was set up, the politicians stepped in and correctly promised the new Cork management they would begin life debt-free.