The Government has 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).

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

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• 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.

Minister Varadkar said: "The publication of this Bill marks a further milestone in the restructuring of the State's assets in Shannon. Aviation is hugely important to the mid west, and Shannon Group will aim to further develop aviation-related activities and services in and around the airport as set out in the Shannon Aviation Business Development Task Force report."

Minister Bruton added: "We have already transferred the enterprise functions of Shannon Development to IDA and Enterprise Ireland, to ensure that the Shannon region has access to the same supports as the rest of the country.

"This legislation will complete the restructuring of Government bodies in the Shannon region and help implement our plan to develop an aviation centre of excellence in the area.

"We have already started to see the benefits flow to the mid-west – I am convinced that with proper implementation of our plan new routes and new jobs will be at the centre of a new future for the Shannon region."

(CD/JP)