| 17.8°C Dublin

'No more kicking can' on Shannon

Transport Minister Leo Varadkar said Shannon Airport's €100m debt would be either reduced substantially or written off completely to enable the airport to have a future.

Mr Varadkar claimed he would give the beleaguered airport "certainty" by Easter. Shannon owes €100m to the state-owned Dublin Airport Authority. "No matter what happens, there will be no more temporary arrangements and no more kicking the can down the road," Mr Varadkar said.

IBOA hits out at RBS chief's bonus


The Irish Bank Officials Association (IBOA) has condemned the award of a bonus worth £963,000 (€1m) to Royal Bank of Scotland chief executive Stephen Hester. The Irish organisation said the bonus "added insult to injury" for the thousand employees from Irish arm Ulster Bank who were told earlier this month that they would lose their jobs. The bonus for the head of the mostly state-owned bank also triggered a storm in the UK.

Solution mooted for Aer Lingus pensions


THE €722m deficit in the Aer Lingus pension fund may be plugged by giving its assets to the NTMA in return for a long term bond portfolio, RTE reported yesterday without citing sources. The pension deficit may prevent the Government's plans to sell of its 25pc stake in the airline, RTE added. The fund's assets, worth €1.4bn would transfer to the NTMA in return, a bond portfolio that would include bonds maturing over decades, the report added.

Unemployment hits 22.9pc in Spain


Spain's unemployment rate rose to 22.9pc, the highest in 15 years, increasing pressure on its prime minister, Mariano Rajoy, to deliver on his election pledge to create jobs in a shrinking economy. The unemployment rate rose in the fourth quarter from 21.5pc in the previous three months.

Hotel group to buy NAMA site in UK


UK hotel group Edwardian is buying the former Odeon cinema on London's Leicester Square and two adjoining properties, a spokeswoman for a receiver of part of the site said. Part of the site was put into receivership by NAMA.

Irish Independent