Vol. 476 No. 3
171 Mr. Callely asked the Minister for Transport, Energy and Communications the current financial position of TEAM Aer Lingus; the company loans and borrowings, if any; the rates and any special arrangements on such loans and borrowings; if he has satisfied himself with such arrangements; the likely developments in TEAM Aer Lingus over the next five years; and if he will make a statement on the matter. [6951/97]
TEAM Aer Lingus is in the second year of a five year plan designed to return the company to profitability on a phased basis. The company's financial position remains weak in a market where there is still considerable overcapacity worldwide.
TEAM Aer Lingus continues to be dependent on the Aer Lingus group for financial support and has received funding of the order of £130 million from the group to date.
Performance in 1997 will be crucial in determining whether TEAM will achieve the objectives of the five year plan and, in this regard, it will be a matter for TEAM and Aer Lingus group management to assess the continuing adequacy of the plan in the light of developments impacting on profitability.
For reasons of commercial confidentiality, it would be inappropriate for me to divulge details of TEAM's loans and borrowings.
