THERE WAS good news on Monday with Dublin-based RBS Aviation Capital sold to Japan’s Sumitomo Corporation for $7.3 billion (€5.69bn), a record amount for the aircraft leasing industry globally.
It secures the jobs of the 69 staff in Dublin while also holding out the prospect of new positions being created as Sumitomo seeks to grow the business. Sumitomo beat Wells Fargo and the China Development Bank to the punch for the Irish business.
Both seem mustard keen to acquire an aircraft leasing business and, having been jilted by RBS, they will no doubt be casting around for alternative assets.
Might Dómhnal Slattery’s Avolon be a target? Slattery founded the RBS business and has put Avolon firmly on the map in the space of just 18 months.
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While the rest of us were enjoying the Christmas break, the boards of Cork and Shannon airports were quietly being wound down. The two-year terms of both boards, which enjoyed a degree of autonomy from the Dublin Airport Authority, ended on December 31st.
Minister for Transport Leo Varadkar has effectively decided not to replace them until he has determined what to do on the separation issue.
As an interim measure, two-person boards will oversee the activities of both airports. At Shannon, that will be acting director Niall MacCarthy and DAA finance chief Ray Gray while, at Cork, airport director Pat Keohane and DAA deputy chief executive Oliver Cussen have been appointed.
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A couple of high profile advertising/communications contracts are out to pitch.
Dublin-based airline CityJet is reviewing its pan-European advertising account, which Euro RSCG has handled since 2009. Reports in the UK trade press suggest the campaign will aim to reposition CityJet as a “premium but friendly” airline.
The account is reported to be worth £4 million (€4.8m), but sources at the airline tell me that is on the high side.
Dublin City Council, meanwhile, has received presentations for a marketing and communications contract for the Tall Ships Races. It’s essentially a six-month gig given that the race will visit the capital in late August.