I had not heard any rumour before about Monarch and Astraeus but there are numerous rumours about consolidation in the low cost sector. I know that there have been many Monarch flight cancellations in recent weeks. These seem to be caused by week demand rather than any product problem. On a recent ZB flight I was shown an invoice by another pax which showed that she had been charges £0.01 including taxes. The market to Spain (except Madrid) is stunningly weak at this time and cash flow must be a problem for all airlines in that sector. I do expect some announcements about consolidation within the next month.