Senate clears way for new Shannon company

Legislation creating a new State company to take charge of Shannon Airport and the region’s commercial zone, and improve the regime for the Republic’s lucrative aircraft-leasing industry, has cleared its last hurdle.

The Seanad has passed the State Airports Bill, which creates Shannon Group plc, and updates other aspects of the Republic's aviation legislation, meaning it will be signed into law by the President.

Shannon Group will combine the airport authority with the property ownership and management activities of Shannon Commercial Enterprises Ltd, and Shannon Heritage and the International Aviation Services Centre.

Recently released figures show 653,894 passengers travelled through the airport’s terminal in the first six months of the year, 15 per cent up on 2013.

Passenger numbers on European routes are up 54 per cent this year, partly driven by nine new services launched by Ryanair.

The State Airports Bill also signs the Republic up to parts of an international agreement, the Cape Town treaty, that gives greater security to aircraft lessors and financiers when an airline becomes insolvent.