Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I thank the Acting Chairman for the opportunity to raise this important Topical Issue matter on Aer Lingus and the future of the company. We all have a high regard for Aer Lingus because it is steeped both in Irish economic history and the psyche of every Irish citizen, nationally and internationally. It is an important part of our life and we should not make any apologies for making informed decisions on it. I would like to see a fair, balanced and informed decision on this issue.

I immediately thought of the sugar company we let go, which produced excellent sugar in this country. We also grew beet for the farmers around the country, servicing sugar factories in Tuam, Carlow and Thurles. Now we are discovering, having let them go, that there is a European market for these products.

On Aer Lingus itself it must be asked if the offers is a good or bad one. The company has a fleet of approximately 50 aircraft. On the basis of last year's prices, these would cost in the region of €4.7 billion. If one assumes a 50% write-down, that would still value them at €2.35 billion. There is the significant costs of training pilots and cabin crew while the value of the Heathrow slots, which some people are dismissing in recent days, has been set at approximately €400 million. The company has cash reserves amounting to approximately €400 million. There are also the companies and employees dependent on Aer Lingus as a major economic transport carrier. Moving on from these broader, national issues the issue of the regions must be considered. Many are concerned that they will be devastated if there is a negative impact on Aer Lingus.

Given all these factors, it may be said that the real IAG offer would be in the region of €940 million, not the €1.34 billion that is being touted recently in public. We need an informed, balanced decision. I know where I stand on Aer Lingus - I support the staff and the company - but we must also ensure we have strong economic arguments to back up our case.

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