Manufacturing Industry
Ryanair holds EUR4m for Charleroi subsidies ruling
Airline Industry Information, Oct 29, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Irish low-cost carrier Ryanair has reserved EUR4m in a holding account as it awaits the outcome of an appeal over its Charleroi airport subsidy case.
In a statement released on 28 October 2004 the airline said it was confident that it would win the case which is being heard at the European Court of Justice but has reserved the funds just in case. The appeal is against a European Union ruling that 'secret deals' between the Charleroi airport authorities and Ryanair for running services from there were illegal and unfairly benefitted the airline.
The EU ruled in February 2004 that up to 30% of the estimated EUR15m in subsidies received by the airline from the airport as part of a 15-year deal was illegal and should be repaid. A spokesperson for the airline said that ruling was flawed and that it believes the decision will be overturned by the court, reports The Evening Standard.
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