Mr. Willie Walsh:

I recommend that we maintain the system we have. The Commission for Aviation Regulation is absolutely the right way to go. All you have to do is look at what Dublin Airport was looking for and what an independent regulator assessed was required, which I think is still rich. Airport charges are a very significant element of an airline's cost base. If you listen to airports, they will tell you that their charges are insignificant. That is complete and utter rubbish. Airport charges are a very critical part and a big factor when airlines are looking at where they are going to operate. The reality is that, in many cases, airports operate as monopolies or quasi-monopolies. If left unregulated, charges would significantly increase. The lack of competition must therefore be balanced with good economic regulation. While I do not always agree with what the Commission for Aviation Regulation has done, I believe the model here in Ireland is actually pretty good. It is a model we often point to when looking at other countries. I would not encourage looking at an alternative model. The reality is that there is very little scope for an airline to negotiate proper commercial terms with an airport because, in many cases, the airport has a captive market. Good economic regulation is the right way to go.