Menu
11/04/2008
Cork Airport Accepts Debt Deal
Cork Airport Authority (CAA) has put an end to their long-running dispute with Dublin Airport by accepting recommendations that it assume millions of euros in debt as the price of independence.
Last night, the CAA held a crunch meeting and agreed 'in principle' to accept the debt, in return for its independent operations.
The decision was not a unanimous one and CAA have stressed that it was made with deep concerns and reservations. Several members of the board are said to be still furious that the Government reneged on their promise that the airport could begin independent operations debt free.
Trouble-shooter and former trade union leader Peter Cassells recommended in his report, that Cork Airport should pay a €113 million debt, and in return the Dublin Airport Authority (DAA) should transfer ownership of land around the airport to the CAA, along with its stake in the Brooklyn business park.
He also advised the DAA to make a payment of €10 million to the CAA to help it meet pension and other funding requirements.
However, the debt assumed by CAA is expected to be €60m rather than the €113m initially proposed. Also, some members of the board have called the fairness of the allocation of assets included in the report into question.
Confirmation from the CAA is expected later today.
(VB/JM)
Last night, the CAA held a crunch meeting and agreed 'in principle' to accept the debt, in return for its independent operations.
The decision was not a unanimous one and CAA have stressed that it was made with deep concerns and reservations. Several members of the board are said to be still furious that the Government reneged on their promise that the airport could begin independent operations debt free.
Trouble-shooter and former trade union leader Peter Cassells recommended in his report, that Cork Airport should pay a €113 million debt, and in return the Dublin Airport Authority (DAA) should transfer ownership of land around the airport to the CAA, along with its stake in the Brooklyn business park.
He also advised the DAA to make a payment of €10 million to the CAA to help it meet pension and other funding requirements.
However, the debt assumed by CAA is expected to be €60m rather than the €113m initially proposed. Also, some members of the board have called the fairness of the allocation of assets included in the report into question.
Confirmation from the CAA is expected later today.
(VB/JM)
Related Irish News Stories
Click here for the latest headlines.
03 April 2008
Cassells Recommends Cork Pay Terminal Debts
Trouble-shooter and former trade union leader Peter Cassells has recommended that Cork Airport should pay a €100 million debt to end a dispute with Dublin Airport. Mr Cassells had been asked to mediate in a row between Dublin Airport and Cork Airport over who should pay the €220m bill for the new terminal building at Cork Airport.
Cassells Recommends Cork Pay Terminal Debts
Trouble-shooter and former trade union leader Peter Cassells has recommended that Cork Airport should pay a €100 million debt to end a dispute with Dublin Airport. Mr Cassells had been asked to mediate in a row between Dublin Airport and Cork Airport over who should pay the €220m bill for the new terminal building at Cork Airport.
15 November 2011
Minister Sorry To See DAA Chief Departure
The Minister for Transport has paid tribute to the outgoing Dublin Airport Authority Chief Executive for his role during a "very challenging time".
Minister Sorry To See DAA Chief Departure
The Minister for Transport has paid tribute to the outgoing Dublin Airport Authority Chief Executive for his role during a "very challenging time".
24 June 2013
FF Publishes Bill To Regulate Debt Collectors
Fianna Fáil has published a Bill to regulate debt collectors and stamp out criminal practices in the sector. The proposals, introduced by the party's Justice Spokesperson Niall Collins, include the establishment of an open register of debt collectors, a code of conduct for all operators and a ban on people with violent criminal convictions.
FF Publishes Bill To Regulate Debt Collectors
Fianna Fáil has published a Bill to regulate debt collectors and stamp out criminal practices in the sector. The proposals, introduced by the party's Justice Spokesperson Niall Collins, include the establishment of an open register of debt collectors, a code of conduct for all operators and a ban on people with violent criminal convictions.
13 September 2011
FF To Tackle Household Debt
The two-day Fianna Fail (FF) strategy meeting continues today with the party leader promising to address household debt. In the new Dail term the party has said they will make a move on creating legislation and a statutory body that will renegotiate household debt for families who are overwhelmed by repayments.
FF To Tackle Household Debt
The two-day Fianna Fail (FF) strategy meeting continues today with the party leader promising to address household debt. In the new Dail term the party has said they will make a move on creating legislation and a statutory body that will renegotiate household debt for families who are overwhelmed by repayments.
04 April 2008
Minister For Cork Slams Cassells Report
A Fine Gael Front Bencher has called on the Government to honour the commitment given to Cork Airport and reject the Cassells report. The TD for Cork South Central, Simon Coveney, has spoken out over the controversial report, claiming the government is reneging on their promise that Cork Airport would open debt free.
Minister For Cork Slams Cassells Report
A Fine Gael Front Bencher has called on the Government to honour the commitment given to Cork Airport and reject the Cassells report. The TD for Cork South Central, Simon Coveney, has spoken out over the controversial report, claiming the government is reneging on their promise that Cork Airport would open debt free.
-
Ireland WeatherThis Evening and Tonight:Showers gradually die out to leave good clear spells in the evening and overnight. This will allow a few fog patches to develop in places. A cold night with some ground frost. Minimum temperature 2 °C.
