Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

-----but I will help Knock in any way I can as well. That is the business we are in. The west needs special assistance for development and if we can do it this way, well and good. However, a state aid issue will still arise.

Several other questions arose about the leasing companies here. Deputy Doherty by implication questioned how much benefit they were to the economy. The leasing companies manage 20% of the world's passenger airplanes. Some 3,500 commercial aircraft are managed from Ireland and they are valued at more than €80 billion. There are 1,000 direct Irish jobs in aviation leasing and between 500 to 1,000 indirect jobs. SMBC Aviation Capital is based in Ireland and is the world's fourth largest aircraft leasing firm. ICBC Leasing Ireland, a subsidiary of Industrial and Commercial Bank of China, the world's biggest bank by market capitalisation, manages €1.5 billion worth of aircraft assets from Ireland.

The aviation sector generally contributed €4.1 billion or 2.6% of GDP and accounts for 26,000 direct jobs and 16,000 indirect jobs here. Ireland hosts Aviareto, the international registry body for aircraft, and it will remain here until 2016, further proof of Ireland's acknowledged leader status in the aerospace sector. IDA Ireland has indicated that there is considerable interest in companies establishing in Ireland and there is ongoing discussions with these companies. It has further advised of considerable interest in the air traffic control proposal coming from Ireland.

The contribution of the aerospace industry to the economy in Ireland is significant. In 2007 the total corporation tax contribution from the industry was approximately €300 million. A further €135 million was injected into the economy in the form of expenditure on professional services and physical infrastructure, including rent, telecommunications and day-to-day expenditure. The expenditure generated approximately €4.9 million in VAT receipts. Clearly, there is a benefit to the economy. The refurbishment industry is likely to be more job-rich. If we could get the refurbishment industry going then there would be considerable engineering and technical employment, which is usually reasonably highly paid like other heavy industries, and it would be of benefit. If some business could be attracted to Knock I would be delighted and I hope there are plans in Knock to deal with it.

There is one matter of concern which I do not wish to over-stress but I will mention it while Deputy Calleary is here. His colleague, Senator Marc MacSharry, lodged a complaint with the competition directorate in the European Commission in January following the measures announced in the budget for the aviation sector. He is basing his complaint on possible unfair treatment for Knock airport. Will Deputy Calleary deal with it privately or should I go to Deputy Timmy Dooley with it?

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