Panel seeks more time to consider airport terminal

A panel set up to advise the Government on whether it should sanction a new independent terminal at Dublin Airport has requested additional time to consider the matter.

A report from the group was expected tomorrow but it emerged last night that it would not be furnished for another fortnight. The panel is chaired by the former secretary general of the Department of Finance, Mr Paddy Mullarkey. Its other members are British businessman Sir Gilbert Thompson, who is linked to Manchester Airport, and US consultant Mr Paul Gaines.

The Minister for Transport, Mr Brennan's spokesman said: "If the panel feel they need an extra two weeks, the Department has no problem with that, considering the nature of the assignment."

With airlines pushing for an independent terminal but Aer Rianta strongly opposed to the notion, the report is the subject of much speculation in transport circles. The panel is considering 14 expressions of interest in building a new terminal.

These include one from Ryanair and another from businessmen Mr Ulick McEvaddy and his brother Des. Both these plans are supported by Aer Lingus, which backs the initiative despite having a common owner with Aer Rianta, the State. Aer Lingus's support for the Ryanair plan is virtually unprecedented.

The German construction group, Hochtief, Aer Rianta's partner in many of its international operations, has also submitted an expression of interest.

• Separately, it emerged that Aer Lingus staff in SIPTU had voted to extend their shareholding in the airline to 14.9 per cent from 4.26 per cent, held under the Cahill rescue plan in the mid-1990s. The extension was previously accepted by staff in the IMPACT union.

There has been no formal valuation exercise at Aer Lingus, but it has been roughly estimated at about 10 times profits, or slightly more than €450 million. That suggests the 14.9 per cent could be worth in excess of €67 million.

The existing 4.26 per cent will be transferred to a share ownership trust at up to €1.25 per share in transactions funded through a profit share scheme of 10 per cent of airline profits up to a maximum of €25.4 million. No money will change hands for the remaining shareholding, which is restricted to 14.9 per cent as long as the State holds shares in the airline. An additional 0.74 per cent under the Cahill plan will be granted in return for work practice changes.