Noel Harrington (Cork South West, Fine Gael) | Oireachtas source

I thank the witnesses for presenting a very interesting discussion. Do the witnesses agree that there are many elements to the offer? There is the share price, which is the pounds, shillings and pence, connectivity, which has been mentioned, and the Heathrow slots, which are very important. The slots are vitally important for the future of Cork Airport, for example. I do not want to pitch one airport against another but Cork Airport is vulnerable in terms of the Heathrow slots. There is also a brand loyalty or identifier with Aer Lingus.

I would like the witnesses to touch on an area that has not been touched on yet - the potential impact on competition. Since the airlines were deregulated I imagine there has never been such a consolidation of airline companies around the world which has had an impact on the competitive nature of the business. How would that affect Ireland if this bid went ahead?

The airline industry is cyclical. Some years are very good and some years can be very bad. Recent years have been good and this year looks like it is going to be a positive one. Oil prices, for example, have a part to play in this business. The airline industry, similar to the energy industry, is slow to pass the full benefit of falling oil prices on to the consumer. The situation has turned into a good cash cow for the industry but that is not always going to be the case. Do the witnesses see any difficulty, for example, in five years' time, if the airline remains as it is with a trading environment that is much more difficult? Aer Lingus could be faced with even bigger problems.