Banks now raiding airports
FURTHER DOUBT CAST OVER GALWAY AIRPORT
February 1, 2012 - 6:15pm
Further doubt has been cast over the future of Galway Airport.
It's emerged this evening that Bank of Ireland has reportedly seized funds from the Airport's deposit account, jeapardising the company's ability to continue as a going concern.
President of Galway Chamber Declan Dooley, of which Galway Airport is a subsidiary company, says he's outraged by the Bank's actions.
According to him, last Friday, without any notice to Galway Airport, Bank of Ireland seized €1.1 million from the company's account and set it off against the company loans which were up to date, fully compliant and not in default in any way.
The Airport had €1.6 million in its bank account before the funds were seized.
Declan Dooley said this could have a detrimental effect on Galway Airport.