Runway30, I'm honestly not sure if you are choosing not to get the line of debate here or genuinely don't see it. Whether an intermediary, in the form of Government-owned Cardiff Airport, is involved or not, the money is still Government funding. It could even be construed as such if an airline went to an independent bank and borrowed the money but the Government or airport owned by said Government guaranteed the loan.
Whichever way you cut it, it's taxpayer dosh. If you are as familiar with the arrangements as your postings imply, can you tell us how much is involved, then everyone can make their own judgement as to whether this passes the commercial sanity test?