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PILOTS IN Aer Lingus are nursing paper losses of €34 million as a result of the recent steep decline in the airline’s share price.

This is based on an analysis of share trading by both Irish Airline Pilots Pensions Ltd and Tailwind Nominees Ltd following Ryanair’s offer for Aer Lingus in October 2006 and their shareholdings in advance of the failed bid by Michael O’Leary.