Martin Cullen (Waterford, Fianna Fail)

I am in exactly the same space. I suggested to Deputies Shortall and Mitchell on a previous occasion that they read precisely what was said by the former Minister for Transport in this House when he introduced the State Airports Act in 2004. One of the key points he made was that to advance the rapid independence of Cork Airport, a leasing arrangement on at least some of the debt would have to be agreed with Dublin Airport. I did not say that — I am not quoting myself. That has been the position for several years.

If Cork Airport wants to wait, that is outside any political consideration, irrespective of who stands in my position. If that airport wants to be entirely debt-free, under the companies Acts, where the distributed reserves must be sufficient at Dublin Airport to distribute the Cork debt — which as I publicly stated will probably involve €200 million — that will take time to achieve. We should also bear in mind that Dublin Airport Authority is now embarking on an investment programme of at least €1.3 billion for Dublin Airport, which is essential for the development of this country. I do not know where the Deputies think the assets will come from to cater for all that, and for the borrowings——

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