Mr. Stephen Kavanagh:

I would share the view that sentiment does not get one breakfast but it at least gets one to the table. Any owner of Aer Lingus that ignores the sentimental attachment of its customer base is putting the business at risk and I simply cannot believe that this investment proposition is based on that view. IAG is buying a successful enterprise with a strong brand. Swiss consumers still regularly use Swiss Air, which is owned by Lufthansa. Etihad owns Alitalia, while British Airways itself is owned by IAG. This is a global business. The corporate head office for British Airways is, notionally, in Madrid but that does not stop British consumers from viewing British Airways as the flag carrier. That is where I would see Aer Lingus positioned within the IAG group proposal.

On outsourcing, I do not see it being on the agenda and that has been communicated from IAG. In terms of direct employment of pilots and cabin crew, this will be incremental and will give more opportunities to those already employed. Dublin will be a hub, similar to the rest of the hub operations in IAG. It is the modus operandiof IAG to resource its hub operations because it is as efficient, when one has critical mass and scale, to do it oneself. One gets more control over the quality of service and the guarantee of the mutuality of interests between those delivering the service and those resourcing it. Again, at the Irish bases, the greatest protection is growth and the sustainability of the operation. It is our view that all of those criteria are improved through Aer Lingus's combination with the IAG group.