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Airline pensions

EMPLOYEES of Aer Lingus have urged the Commercial Court not to give the green light to reducing the group's capital reserves to pay dividends to shareholders in light of the pension deficit.

The organisation which represents former and serving workers asked the Commercial Court not to approve a €500m reduction when there is a €748m deficit in their pension schemes.

And Ryanair, a 30pc shareholder in the airline, has threatened legal action if the board moved to reduce the deficit without the approval of shareholders, the court heard.