Micheal O’Leary, CEO of Ryanair, has recently declared his readiness to escalate his legal dispute to the European courts according to the Sunday Independent, in an effort to resolve the controversy regarding the passenger limit at Dublin Airport. Following legal counsel, he believes that Eamon Ryan, the Transport Minister, has a duty to mediate the planning dispute at the country’s aviation centre under European law.
The airline is primed to initiate another lawsuit this week in the High Court, seeking to fast-track its existing case and secure an injunction against the Irish Aviation Authority (IAA). This will compel the IAA to dismiss the 2007 decision made by An Bord Pleanála, which put into place the passenger cap.
The regulatory body expressed last week that it will restrict airlines using the Dublin Airport to 25.2 million seats for the summer 2025 season, starting from late March till October. This is due to the anticipation that the cap will be exceeded once more in 2025.
O’Leary is confident that the airline will receive favour from the EU if the conflict progresses to such a stage. As he asserts, this cap contradicts the EU-US Open Skies Agreement, a conviction he claims is shared by his legal team.
In other news, a funding crisis, largely triggered by interest rates increase over two years, is reportedly having a significant influence on Irish housebuilders according to the Business Post. It’s becoming considerably difficult to access debt and equity sources. Renowned developers including Michael O’Flynn and Ballymore’s Irish managing director Patrick Phelan have voiced the necessity for additional funding routes if the governmental housing objectives are to be met. Phelan expressed the need for more apartments, which would require a substantial increase in debt and potentially more equity.
The Sunday Times reveals that Hines, an American real estate investment firm, has resurrected plans to construct 1,400 flats within a complex adjacent to the Liffey Valley shopping centre in Dublin’s southwestern region. Hines, the managing body of the shopping centre post its sale to BVK, a German pension fund, in 2016, has appealed to the South Dublin County Council to contemplate “rezoning” nine hectares of land close to the centre for private residential use.
Land ownership details reveal that the site is jointly possessed by Hines and BVK. Uncertainty clouded the planning permission application for the €700 million flat complex, as pre-existing council statements specified sufficient residentially zoned land to cater to housing demands. A following letter to the council saw the senior managing director of Hines Ireland, Brian Moran, recommending inclusion of alternate considerations such as transportation access while assessing upcoming zoning suggestions. Should rezoning occur, Hines would “immediately” initiate the application procedure for planning permission, assures Mr Moran.
In a separate development, a call for establishing a €13m national fintech hub has emerged from Ibec group. Financial Services Ireland (FSI), the Ibec subgroup that champions Ireland’s financial services sector, voiced that this initiative would enable the Republic to further consolidate its stature as a global pioneer in the field of financial technology, as mentioned in the Sunday Independent. FSI suggests that this prospective centre in Dublin, costing around €13.5 million for five years of operation, could be managed privately on contractual terms or be funded by Enterprise Ireland. The group’s belief is that the new hub could serve as a convergence point for start-ups, corporations and other parties encouraging collaborative efforts.