The Dublin Airport Authority (DAA), which owns Dublin, Cork and Shannon Airports, has overall borrowings of just under €500 million as at the end of 2007. Just over €200 million of the DAA's borrowings relates to Cork airport, almost €70 million relates to Shannon airport and the remainder relates to Dublin airport.
Following recent disposals of Great Southern Hotels and the DAA's interests in Birmingham and Hamburg Airports, the DAA net debt levels have fallen sharply in the short term, resulting in a temporary net cash position at the end of 2007. They are likely to rise steadily again over the period referred to by the Deputy.
Precisely what the DAA's debt levels will be over this period will depend upon a number of factors. However, in the context of the DAA's Capital Investment programme over 10 years, the DAA's debt position will rise substantially, with net borrowings increasing to over €1 billion over the course of the next five years.
The future level of debt at Shannon and Cork will depend on a number of factors including, most significantly, the business plans for these airports which have recently been received and are currently being assessed by my Department.
