I don't know the answer myself, but can the Irish market really support 3 airlines throughout the economic cycle ? Sure during the good times, all airlines will likely make money, but when times are tough (e.g. sluggish economy combined with ash from volcano), are fares in a country of 4.5 million people high enough to keep 3 independent Irish airlines with substantial operations reasonably healthy ?
Yes, competition is good for both the consumer and the industry as a whole, but airlines also need to be able to make a steady profit every year to ensure their long term survival and stability of the industry