The Department of Transport is reviewing a loss of almost €306,000 made by Kerry Airport on an investment.
A spokesperson for the Department of Transport says this investment was a medium risk bank managed portfolio.
However, they add the date of its maturity coincided with the emergence of COVID-19 and a stock market crash at end March 2020.
It’s understood the investment was worth €1.5 million.
Kerry Airport is a private company, but has received €1.2 million from the Department to date this year as part of Regional Airports Programme; this programme is designed in line with State aid rules as the EU Commission recognise that, without State support, these smaller airports would struggle to comply with international regulatory obligations in the areas of safety and security.
The Department of Transport says it’s committed to helping Ireland’s airports through the COVID Crisis, but it is not in the business of covering economic losses relating to poor investment or commercial decisions.
Kerry Airport’s investment losses were included in financial data submitted to the Department at the end of October as part of this year’s application for operational funding under the Regional Airports Programme.
The spokesperson for the Department says as part of the process to assess applications, the financial position and accounts of all eligible airports are currently being reviewed with the assistance of the department’s financial advisor.
The issue of Kerry’s investment will be considered as part of that review.
