Vol. 376 No. 9
asked the Minister for Tourism and Transport if Horan International Airport in County Mayo is set to make a profit in its second year of operation; if he will outline the return on capital invested being achieved by the company, the extent to which the company is expected to contribute towards repayment of the substantial State investment in its construction and development in 1988; and if he will make a statement on the matter.
29.
asked the Minister for Tourism and Transport if he will outline the extent of public moneys invested in the Horan International Airport, County Mayo in capital and current moneys; the periods in which various sums of money were invested; the amount of equity in the company owned by the State as a result, the amount of money owed, if any, by the company to the State, the different headings under which any money is owed; and if he will make a statement on the matter.
I propose to deal with Questions Nos. 22 and 29 together.
Exchequer capital grants to Connaught Airport Development Company Limited amount to £9,858,003.57 made up as follows:
|
1981 |
£2,249,982.00 |
|
1982 |
£4,334,753.44 |
|
1983 |
£2,679,748.22 |
|
1984 |
£ 564,299.44 |
|
1985 |
£ 29,220.47 |
|
Total |
£9,858,003.57 |
Since then no Exchequer grant payments have been made to the company. The State does not have an equity holding in the company. Furthermore, the capital grants which have been made available by the Exchequer for the development of the airport are not repayable. An amount of £174,003.27, is owed by the company to my Department, comprising £144,436.02 in respect of air traffic control services and £29,567.25 for flight checking of navigational equipment. This matter is being pursued with the company.
Until the company's accounts for its second year of operation are made available to me, I would not be in a position to comment on the financial performance by the company or its expected return on capital investment.
I understand that in its first full year of operation, passenger levels at the airport have greatly exceeded original expectations. I am very encouraged by this level of performance and I wish the Airport Development Company continued success for the future.
