And nothing to do with the fact that costs at the operation have been too high since it's inception as TEAM Aer Lingus
http://www.eurofound.europa.eu/eiro/1998/08/feature/ie9808155f.htm
All of which was just a by product of endemic problem here in Ireland over the last decade or so; we believed our own "Celtic Tiger Miracle" hype and paid ourselves way too much, resulting in a lack of competitiveness. All fine and dandy while the world markets for everything continue to grow, but marks you out for culling when things change.
Perhaps, Greed and a very strong union wasn't quite so good after all.
JAS