Martin Cullen (Waterford, Fianna Fail)

I am fully supportive of Cork Airport's wish for autonomy earlier than originally planned and the need to operate effectively and commercially to serve the needs of tourism, trade and travel in its hinterland. A financial mechanism will have to be found so that Cork Airport can shoulder a reasonable share of the debt burden associated with the assets transferred to it. Any resolution of the debt issue will have to ensure that the debt burden is manageable for Cork and can form a reasonable basis for Cork Airport's autonomy without putting at risk its commercial future. In making the arrangements for the creation of an independent Cork Airport, these and other challenges relevant to each airport will have to be addressed.

A significant opportunity now exists for Cork Airport to achieve the autonomy that the region needs and desires. I believe that autonomy can proceed quickly, provided the Cork Airport board can agree a realistic business plan that includes an appropriate financial mechanism for the transfer of substantial assets to the Cork Airport Authority on vesting. I therefore urge all concerned to seize the opportunity for autonomy by recognising that such a financial mechanism is essential to make the independence of Cork Airport a reality at an early date.

As to the reference to commercial development of certain lands at Cork Airport, I understand expressions of interest have been sought by the DAA concerning the potential use of such land in a joint venture with the private sector. As far as the Government and I are concerned, there is no question of such land being treated differently from other assets being transferred to the Cork Airport Authority on its vesting.

Cork airport has a choice to make. It can either go all out for early separation and, accordingly, make a suitable contribution to the debt attributable to its assets or it can see the restructuring delayed until the funding and reserves position——

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