I would agree with the above.....the damage to the IASS was set in motion 10-15-20 years ago. Its the current DAA and EI that are taking the financial hit...
.....however I read the EI response to the expert panel decision. SO it looks like EI have agreed to add approx E50M to the figure mooted a few months back. In exchange they will receive written confirmation from individual staff members absolving EI of any further responsibility. So finally EI will be able to remove the IASS fund from their purview. I would see that as a worthwhile longterm investment of E191M overall. (140M + 51M)
A problem may arise in that the E191M figure is sufficient NOW....it will grow over the next 2-3 months. (Same way that the E140M figure was sufficient 12 months ago) So EI need to get this deal signed off ASAP so they can wash their hands of it.
And Racedo please stop bringing up the E30M fine/tax payment paid out by EI over the 'leave and return' scheme. That is not relevant to the pension discussion or any other current IR issues. That was 100% a mistake of the then Mgmt team,who tried to pull a fast one. So responsibility for that lies with them (the current Chief Commercial officer is the only person involved in that to still be with EI)
Even counting the 191M possible payout, EI will still be left with over E800M in their cash reserves....that's a lot more than pretty much every other Euro airline. In addition EI have stated that they will impose a salary freeze and cost reduction changes to recoup the E191M over time. So in reality EI will only be paying out the cash knowing that they will save that figure (and more I expect) over the next 5-10 years.