Aer Lingus Group plc: Expert Panel report

Dublin & London, 16 June, 2014 | Aer Lingus Group plc (“Aer Lingus” or the “Company”) confirms the receipt today of a report from the Expert Panel, which was formed under the joint sponsorship of two Irish Government departments, the Irish Business and Employers’ Confederation and the Irish Congress of Trade Unions. The purpose of the Expert Panel was to investigate how a final resolution of the industrial relations issues relating to the Irish Airlines (General Employees) Superannuation Scheme could be achieved.

Aer Lingus notes that the report recommends a proposed contribution by the Company of €146.7 million in respect of current employees, which is higher than the €110 million contribution previously recommended by the Labour Court in 2013. In addition, the Expert Panel is recommending a further, non-quantified amount, to be determined by a set of principles, in respect of former Aer Lingus employees who have yet to reach retirement age (the “deferreds”). This contribution would be in addition to the €30 million previously proposed by Aer Lingus in respect of deferreds.

The Company will review the report and the recommendations made by the Expert Panel and will issue a further announcement in due course.