Ryanair’s way to clear crippling airport debt
There is, however, a better solution than simply transferring the debt to Dublin airport (where Dublin passengers should not be asked to subsidise Cork passengers).
This is a solution that has been repeatedly proposed by Ryanair and ignored by the Department of Transport (which stood idly by while Aer Rianta was originally wasting €160m on Cork airport).
Why not use the proceeds from the sale of the Great Southern Hotels, and the sale of the Dublin Airport Authority (DAA) non-core interests in Birmingham and Dusseldorf airports, all of which could raise some €400m/€500m to repay the debts of the DAA and Cork Airport Authority (CAA)?
The sale of these non-core assets would provide the former Aer Rianta with a unique opportunity to realise a large sum to pay down debts that were incurred by this semi-state monopoly building its Taj Mahal palace in Cork.
The Irish taxpayer has no business owning hotels in Ireland or airports in Birmingham and Dusseldorf. It is high time that these non-core assets were sold and the proceeds used to pay down the crippling debts of both the DAA and the CAA.
Michael Cawley
Chief Operating Officer and Deputy Chief Executive
Ryanair
Dublin Airport
