Aer Rianta will be renamed the Dublin Airport Authority under the terms of legislation to break up the company published today.
The Minster for Transport, Mr Brennan, this afternoon published the long-awaited State Airports Bill (2004) providing the legal basis for his plan to establish Aer Rianta airports at Dublin, Cork and Shannon as independent companies.
If the plans passes certain tests contained within the legislation then separate airport authorities under State ownership will be established.
The Bill allows the Minster to dissolve Aer Rianta, replace its board and in the process change the airport operator's mandate. It also provides for the transfer of assets from the Dublin Airport Authority to Cork Airport Authority and Shannon Airport Authority.
But in accordance with a deal agreed with unions on the fringes of last week's pay talks, the company cannot be separated before April 30th, 2005 and separate financial plans for Cork and Shannon must receive the backing of the Minster for Transport and crucially, the Minister for Finance.
The Bill also amends the Aviation Regulation Act 2001 by removing price regulation responsibilities at Cork and Shannon from the Commission for Aviation Regulation.
Any costs associated with the restructuring "may be paid by the Minister [for Transport] to the extent sanctioned by the Minster for Finance", the legislation says. However, provision is also made for Aer Rianta or the proposed Dublin Airport Authority to pay for establishing and running the new entities in Cork and Shannon.
Another crucial element of the legislation is a provision insisted upon by Aer Rianta unions that workers pay and conditions would not be diminished by the break-up plan.
The 12-member board of the Dublin Airport Authority will be headed by Mr Gary McGann, chief executive of the Jefferson Smurfit Group. The chief executive of the new Shannon Aiport Authority will be Mr Pat Shanahan while the Cork Airport Authority will be headed by Mr Joe Gantly.