Dáil Éireann Debate, Thursday - 8 March 2007
204 Ms O. Mitchell asked the Minister for Transport if his attention has been drawn to the extent of the distributable reserves held by the Dublin Airport Authority; and if he will make a statement on the matter. [9278/07]
Amharc ar fhreagra205 Ms O. Mitchell asked the Minister for Transport the basis on which the decision to allocate a proportion of Cork Airport’s debt to the airport was reached; the financial information which he relied upon in making this decision; if he will publish this financial information; and if he will make a statement on the matter. [9279/07]
Amharc ar fhreagraI propose to take Questions Nos. 204 and 205 together.
I understand that the Dublin Airport Authority (DAA) has engaged the services of a consultancy firm to work with the management of the Cork Airport Authority in drawing up a business plan that would allow for the separation of Cork Airport from the DAA under the State Airports Act 2004. As part of that work the firm was also asked by the DAA to recommend an appropriate financing proposal for DAA, which would facilitate the statutory objective of airport separation in a timely manner, consistent with the requirements of the State Airports Act 2004 and the Companies Act. I understand that the outcome of this analysis was that Cork Airport could sustain a substantial portion of the overall debt while remaining a very viable enterprise. I am not in a position to publish the financial information as the report was commissioned by the DAA and not the Department of Transport. There is now a significant opportunity for Cork airport to achieve the autonomy that the region needs and desires. I believe that autonomy can proceed quickly provided the Cork airport board can agree a realistic business plan that includes an appropriate financial mechanism for the transfer of substantial assets to the Cork Airport Authority on vesting. The level of the distributable reserves of the Dublin Airport Authority is the responsibility, in the first instance, of the Board and Management of the company and details of the reserves are published annually in its audited accounts.
