Ryanair chief executive Michael O'Leary announced last week that the firm will place EUR4 million in disputed state aid subsidies paid to it by the Walloon regional authorities for flying to Belgium's Charleroi airport into an escrow account, pending the delivery of a verdict in its appeal against the European Commission on the matter.
Although Mr O'Leary has been outspoken in his rejection of the EC's verdict that the payments constituted illegal state aid, the Walloon authorities have been tasked with trying to recover the cash.
The airline announced last week that it had no desire to place the regional government "in a difficult position because of a legally flawed decision by the Commission", and agreed "under protest and without prejudice to the outcome of the appeal" to put the amount in question to one side.
"If Ryanair is successful in its appeal, these funds along with interest will be returned to Ryanair. If the appeal fails, Ryanair will agree that these funds will be transferred in their entirety to the Region," it explained.
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