Ryanair boss O'Leary called a 'cheap tailor'
Damien Eagers
ERA Director General Mike Ambrose says Ryanair CEO Micahel O'Leary "is a cheap tailor. He has allowed a lot of people to buy clothes at affordable prices, but done nothing for the tailoring profession."
The head of an association of Europe's smaller airlines took a pot shot at Ryanair's Michael O'Leary, calling him a "cheap tailor".
The European Regions Airline Association (ERA), which includes Ryanair rival Aer Arann among its 65 members, wants access to European Investment Bank funding.
It says some airlines will battle to stay in business this winter and has sent a paper to the European Commission asking for access to EIB loans, which are available to other ailing industries like car makers.
"If a number of carriers have to endure a poor winter, cash resources are very limited," ERA Director General Mike Ambrose said yesterday.
"Regional carriers are in trouble as they have already been parsimonious. They've got [no costs] to cut, so some airlines are going to find it desperately difficult to survive. This is a much bigger crisis than 9/11, but the EC has been very slow to react."
Funds
"What is needed is access to cash, we have asked for European bank funds to be released," he added.
When asked to comment on the dominant position of Ryanair, now the biggest airline in Europe by market capitalisation and passenger numbers, Mr Ambrose said: "[Chief executive] Michael O'Leary is a cheap tailor. He has allowed a lot of people to buy clothes at affordable prices, but done nothing for the tailoring profession," he added.
European finance ministers last year approved €31bn in extra lending by the EIB to boost the availability of credit for companies caught short by the credit crisis and the resulting global economic downturn.
mlavery@herald.ie
- Michael Lavery
