Ministers to present Shannon Airport proposals to CabinetTuesday 27 November 2012 14.57
The Cabinet will today hear proposals on the future of Shannon Airport from two Government departments.
The Government decided in principle to separate Shannon Airport from the Dublin Airport Authority (DAA).
Today's proposals envisage a two-stage process commencing with the separation of Shannon Airport from the DAA.
The separation would see the airport relieved of its €100m of debt.
The debt would transfer to the DAA, which will retain control of Aer Rianta Duty Free in order to help it service the debt.
It will also mean the DAA will no longer be subsidising Shannon Airport.
The second element of the proposal is a medium-term plan to merge Shannon Airport with a re-configured Shannon Development entity.
The tourism and enterprise functions of Shannon Development will transfer to Fáilte Ireland and IDA/Enterprise Ireland respectively.
Shannon Development's land banks and property expertise will be merged with Shannon Airport with a view to developing an international aviation services facility in the region.
The proposals will be brought to Cabinet by Transport Minister Leo Varadkar and Enterprise Minister Richard Bruton.