Timmy Dooley (Clare, Fianna Fail)

I thank the Minister for his reply and welcome his stated intention to publish redacted elements of the report. However, I am disappointed by the continued delay on this important issue. While I accept the Minister only received the report in December, the issue has been around for some time and his Department possesses quite a lot of corporate knowledge on it. The Minister is correct to point out that a previous Minister put off a decision with an expectation of reviewing market conditions. Much corporate information is available and I am disappointed the issue effectively has been allowed to rest for the past 11 or 12 months.

The difficulty is the Minister made some quite specific promises in his party's manifesto prior to the general election about creating independent airports at Dublin, Shannon and Cork. This has created concerns in the minds of workers who are fearful for their jobs and has created an unrealisable expectation in the minds of some within the tourism sector. The Fine Gael Party and some elements within other parties had sought to suggest that merely breaking up the Dublin Airport Authority was the solution to the problems at all airports and that therefore, in a separated or independent environment, passenger numbers would flourish and the activities and business interests of those in the regions would benefit significantly. Consequently, there was a legitimate expectation of some action but it is clear the Minister has dragged his heels in this regard. I understand he only appointed the Booz & Company consultants last October or November. They have acted well and I accept they consulted widely but I am disappointed that procrastination has been allowed on this issue.

The significant elements of concern that existed in 2008 remain extant. Passenger numbers are falling and it has been necessary to change the forecasts for passenger numbers and growth. The Minister is aware the medium-term forecasts will be well off profile, which creates a significant problem in respect of debt financing or in dealing with the existing debt burden. These issues constitute significant challenges that face the incoming board and executive team. Economic circumstances have changed across the marketplace and the Minister is in a difficult position regarding the company. The company's efforts in attempting to refinance some of the bond undertakings-----

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