The Government has this week signed off on a Bill to set up the new Shannon Group commercial State PLC company on a statutory basis, as part of a plan to deliver new routes and new jobs for the region.

Minister for Jobs, Enterprise & Innovation Richard Bruton and Minister for Transport, Tourism & Sport Leo Varadkar welcomed Government approval to publish the Bill and called it an important development for the mid west region.

The State Airports (Shannon Group) Bill 2014 will give effect to the Government's decision to set up a new commercial State company in Shannon comprising Shannon Airport Authority and a restructured Shannon Development (Shannon Commercial Enterprises).

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The Bill will now be sent to the printers and will be published in a few days' time, before being introduced to the Oireachtas. The Ministers said they hope that it can be enacted before the summer recess, although this is a matter for the Oireachtas.

The Bill will:

• Establish Shannon Group PLC on a statutory basis

• Implement a special insolvency regime for aircraft assets under the Cape Town Convention – which will benefit Ireland's important aviation leasing sector

• Make changes to existing statutory provisions governing superannuation schemes in the State airport authorities including amendments to facilitate changes to the Irish Airlines (General Employees) Superannuation Scheme.

The announcement marks a further step in the implementation of the decision, taken by the current Government shortly after taking office, to support a new future for the Shannon region after years of neglect.

This decision involved separating Shannon Airport from the Dublin Airport Authority and bringing it together with Shannon Development to form a new entity with a commercial mandate in public ownership, and included a drive to develop a world-class aviation industry in Shannon, and a restructuring of tourism and enterprise support agencies in the region to support this goal.

(CD/JP)