asked the Minister for Transport and Power if he will state in respect of air navigation and transport expenditure the information necessary to bring the reply to Question No. 39 of 9th April 1964 up to date.
Written Answers. - Air Navigation and Transport Expenditure.
80.
The latest financial year for which all the information sought by the Deputy is available is 1964-65.
Up to 31st March, 1965, expenditure from public moneys on airports construction and on share capital in Aer Rianta subscribed by the Minister for Finance amounted to £23.9 million. Receipts of a capital nature were negligible. The expenditure on airport construction amounted to £11 million. The following is a summary of the financial outcome of the operation of the Airports up to 31st March, 1965:
Receipts, £13.7 million. Expenditure (air navigation services and airports management including pension liability), £15.1 million. Operating deficit, £1.4 million. Interest and depreciation, £9.4 million. Gross deficit, £10.8 million.
The total amount subscribed by the Minister for Finance to the share capital of Aer Rianta up to 31st March, 1965, was £12.95 million. Aer Rianta in turn subscribed £5.7 million to Aer Lingus and £6.9 million to Aerlínte retaining £350,000 for its own capital purposes including £300,000 for investment in Irish and Intercontinental Hotels Limited. No capital was invested in any other company in respect of air navigation and transport. No dividends on capital investment in the air companies have been paid. If a dividend at the rate of five per cent had been paid from the time that the capital was provided, receipts by the Minister for Finance would have amounted to £3.5 million.