Apologies - this is slightly off-thread, but I recall that Iberia had already floated a low-cost airline. It was called Clickair and we used it a couple of times. Although Iberia only had a 20 percent holding, it did have 80 percent of its economic rights. Clickair merged with Vueling, then lost its identity. If Iberia couldn't make a low-cost airline work then, why do they think it will work now? I'm with the Iberia pilots on this one.