Aer Lingus sale finally gets off the ground

Current Account: Never known for speed or efficiency, the Government this week brought years of uncertainty over the ownership…

Current Account: Never known for speed or efficiency, the Government this week brought years of uncertainty over the ownership of Aer Lingus to an end with its decision to float the airline some time later this year.

Siptu may think there's a battle yet to fight, but Bertie Ahern seemed emphatic in his defence of flotation when Socialist TD Joe Higgins accused him of "economic treachery". Now that the long-running moment of his indecision has passed, the Taoiseach says the sale is the only way to secure the national airline's future.

That's all very well, but it raises the question as to why the dithering went on for so long. A year ago this month, Minister for Transport Martin Cullen told the Irish Management Institute annual conference that decision time had come in relation to the airline's ownership and the vexed question of a new terminal at Dublin Airport.

The terminal is on its way, but 50 weeks passed before the Government hit the Aer Lingus button.

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It is ironic that the final decision comes in the week of this year's conference. Those at the event last year will recall Mr Cullen's "decision time" remarks were greeted with laughter. Funny that - and prescient, too.

Anglo's logic sounds like double Dutch

Current Account had reason recently to pay a visit to Anglo Irish Bank, where some of his vast funds were then deposited. The intention was to withdraw the piles of cash unless Anglo was prepared to match a rate being offered by Rabobank via its online offering.

Alas, no matching was to be offered. Instead, Current Account was treated to a lesson on the differences between a nice solid bank such as Anglo and an "internet bank" such as Rabobank. Hushed tones and sinister music would have been a fitting soundtrack.

Going further, the teller reminded us that Rabobank was not regulated in the Republic, but by Dutch authorities. Heavens above - the Dutch - what would they know about anything? Hmmm.

Now, perhaps such scaremongering works with some of Anglo's customers, many of whom were elderly on the day of Current Account's visit.

What the teller neglected to mention of course was Rabobank's 100-plus year history -Anglo was founded in 1964 - and the Dutch bank's assets of €506 billion last year, a figure which overshadowed Anglo's comparitively small €48.3 billion.

Clash of the cash

Marketing gong of the week must surely go to Carphone Warehouse, proud sponsors of the Gaelic Players' Association (GPA).

The company succeeded in having its name emblazoned on hoardings behind the heads of DJ Carey and Dessie Farrell throughout this week's GPA press conference as the players set out their priorities for talks with incoming GAA president Nickey Brennan.

Current Account is not sure how much the British-based retailer and telecoms group is paying for the privilege of its association with such household names.

But it surely beats getting your name on a few old hurley sticks, a move which drew the wrath not just of the GAA but also the GPA when bookmaker Paddy Power attempted it two years ago.

Stockbyte in the money

Jerry Kennelly, the man who yesterday sold his Stockbyte business to Getty Images for €110 million, was inscrutable as he addresed the Goodbody Stockbrokers' SummIT conference on venture capital and IT on Wednesday.

During the course of his talk, he told the gathering that his company no longer needed to raise cash. In conversation afterwards with a member of the audience, he was overheard saying that he was pleased with the business, and that "we're making a good living out of it".

He subsequently headed off and concluded the sale to Getty at 5am the following day. Let's hope its new owners also make a good living from it.