Séamus Brennan (Dublin South, Fianna Fail)

The viability of the airport depends first on airport activity. It needs to attract airlines and passengers and raise the numbers from 2 million to 4 million. That is ultimately how the airport will remain viable. These other issues are business issues that support the balance sheet. I would not like to say that any one element is vital because the core requirement is to expand the business of being an airport. I am sure the board of Shannon would welcome the income, as would any board.

The matter of the lease in Cork is a direct result of the company law situation. The board of Aer Rianta decided to invest in a new terminal in Cork Airport, which was much needed. I supported that decision, which was the right decision to make. It is a major investment — more than €140 million — but the terminal will be of service for many years to come. The chairman designate of the Cork Airport authority has been in discussions with Aer Rianta and it is proposed that an affordable lease arrangement will be worked out. It will not be a lease in the ordinary commercial market sense, in terms of what one would usually lease a €140 million building for, but a contribution by way of lease of what the airport can afford to pay towards the Dublin authority which, in effect, provided the terminal building. Due to the revenue reserve situation, Aer Rianta could not give away €120 million worth of assets to Cork just like that. It would not be permitted under company law. This is a compromise which allows the Cork authority effective day-to-day control of the airport and provides some income for Dublin by way of lease payments. It is a fair compromise.