Call for €100m loan facility for Shannon Group

Shannon Airport has a future as a world-class aviation hub – but the new development structure, the Shannon Group, needs to be able to borrow at least €100 million, TDs, Senators and industry experts said yesterday.

Under proposals announced earlier this year the Government plans to link Shannon Airport and Shannon Development’s property assets in a new group, while the tourism and enterprise elements of Shannon Development are already being transferred to Enterprise Ireland, the IDA, Bord Fáilte and other State agencies.

Yesterday members of the Oireachtas Committee on Transport warned draft legislation to allow the new group to borrow up to €100 million should not be altered in favour of a lower figure. Fianna Fáil TD Timmy Dooley said the issue was an important one, because the draft legislation noted this figure may be changed by the Government.

'Least amount'
Clare county manager Tom Coughlan also said that he considered the figure of €100 million to be the "least" amount that should be included in the Bill.

Also calling for the retention of the figure was Kevin Thompstone, president of Shannon Chamber and a former chief executive of Shannon Development. He said the new authority would need to be able to finance large-scale airport development projects.

The TDs and Senators were responding to a report from newly appointed chief executive officer of both Shannon Airport Authority and Shannon Development, aviation expert Neil Pakey.