The general secretary of the Irish Congress of Trade Unions, David Begg, has told the Transport Minister Seamus Brennan that the current proposal to break up Aer Rianta is unsustainable.
His comments, contained in a letter seen by RTE News, are based on the findings of consultants Mazars, appointed by unions to examine the proposal.
Mazars examined the analysis of the Aer Rianta break-up plan prepared for the Department of Transport by PwC. The consultants' conclusion is that the big gaps in information given to them means the proposed restructuring cannot be seriously considered.
The Mazars report says the business case for a proposed split has not been proven, nor has the proposed restructuring of the company been robustly tested. It says the scenarios presented in the PwC analysis 'can at best be regarded as speculative'.
The Mazars report, a copy of which has been seen by RTE News, says that it can 'provide no comfort to the employees that the proposed restructuring would successfully address the challenges facing the company'.
The consultants says they 'cannot adequately review' the financial projections for Cork and Shannon without significant additional detail.
They add that a proposed transfer of property income worth €6m a year to an independent Shannon Airport from a site currently managed by Shannon Development is 'a vital element' in its future, and no decision should be taken until this is finalised.
The consultants said they had not been presented with coherent statements on a number of issues, including strategies for the new independent airports, investment plans, financial projections and relations with the regulator.
They expressed concern about Aer Rianta's ability to raise the necessary funding, adding that discussions on the proposed restructuring had yet to take place with the company's bond holders.
