In finalising their business plans, all three State Airport Authorities must demonstrate their financial and operational readiness for the post-independence era. The Dublin Airport Authority (DAA) has to be satisfied, in the first instance, that the transition to full autonomy takes account of the challenges currently faced by all three state airports.
Under the State airports Act 2004, the Minister for Finance and I must be satisfied that the Airports have the capacity to operate on a sound commercial basis before giving final approval to the business plans.
I am satisfied that airport restructuring can proceed quickly and that the key challenges facing each of the airports can be addressed. Progress will be contingent on the airport authorities finalising business plans which ensure an efficient and competitive cost base, provide for funding for future capital investment and an appropriate financial mechanism in respect of transfer of Cork Airport assets.