10th Mar 2021 15:20
(Alliance News) - Ryanair Holdings PLC on Wednesday announced that it has received approval to extend its unsecured GBP600 million funding under Her Majesty's Treasury and the Bank of England's UK Covid Corporate Financing Facility for another 12 months.
The Irish low cost airline said the funds would be redrawn in the coming days, and used for general corporate purposes.
On Wednesday last week, Chief Executive Officer Michael O'Leary said at the Transport Select Committee that the furlough scheme was "welcome", but "the government has been lamentable in providing other support".
"The furlough scheme falls short of what needs to be done and it will be a very challenging and difficult return to normal operation or pre-Covid operation levels and profitability."
In documents accompanying UK Chancellor of the Exchequer Rishi Sunak's government budget, it was revealed that Air Passenger Duty rates for departures from Britain will increase by GBP2 to GBP82 for travellers with economy tickets, and by GBP5 to GBP181 for those in premium cabins.
Ryanair said its balance sheet remains "one of the strongest in the industry", and expects to have over EUR3 billion in cash by the end of March.
Shares in Ryanair Holdings were down 0.8% at EUR16.80 on Wednesday in London.
By Dayo Laniyan; [email protected]
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