Mr. Willie Walsh:

Deputy Costello asked whether this was a solicited offer. This was an approach made by IAG to the board of Aer Lingus in December - I cannot remember the exact date. It was not that we had been approached by Aer Lingus with a view to us making an offer.

I was asked whether I should be looking for guarantees from the Government rather than offering guarantees to it. I have the experience of having been the CEO at Aer Lingus at a time when it went through a crisis. It was clear at the time that state aid rules would have prevented, and did prevent, the Irish Government from supporting Aer Lingus, hence the reason Aer Lingus had to undertake significant restructuring through its own resources. A separate investor investing does not prevent a Government from investing alongside it. With all respect to everybody, I am not sure about the idea that in an environment such as this, the Irish Government might be called upon to provide capital along with other shareholders. If there is a question to be asked about the Government selling then the Government spending money on an airline in an environment such as this would be quite controversial.

Our approach is to seek an irrevocable commitment from the Government and Ryanair to sell their shares to us. We recognise it is probably in the best interests of Aer Lingus that both major shareholders sell. It would provide certainty and clarity to Aer Lingus which do not exist today, and there will probably continue to be a bit of uncertainty with regard to Ryanair holding a stake. This would give the best opportunity to provide clarity on this.