Uncertainty over £45m CoDA value
The Local Government Auditor Pamela McCreedy feared uncertainty over the Derry to London Public Service Obligation route could affect the value of airport assets, estimated at £45m last year.
In her Audit Report 2019, she wrote: “The key concern is the uncertainty in respect of sufficient funding for the London airport route. Should these going concern issues crystallise, then there may be a significant impairment on the carrying value of airport assets (£45 million as at 31 March 2018).”
The issue was resolved for the short term when in February British Transport Secretary, Chris Grayling, renewed the PSO for a further 2 years, until May 1, 2021.