Five things we learned at the special meeting on Waterford Airport
The money is there and the airport's development looks good on paper. Stock Image.
The proposal on private funding to develop Waterford Airport passed the council’s scrutiny at a special sitting on Monday, October 20.
All of the councillors except for Cllr Joe O’Riordan, voted in support three resolutions that will clear the way for the much anticipated runway extension.
With the Chief Executive's report having been released before the meeting, there weren’t any surprises.
But there was some interesting moments, small developments, plus the fine print for what will be a historic development for Waterford.
Here is what we learned.
Waterford City and County Council’s Chief Executive Seán McKeown has been meeting with councillors and answering queries since the news dropped of the new investor.
The mystery investor has come in with €30 million and an NDA.
We knew before the meeting that the Chief Executive, Sean McKeown, knew the investor’s name but had signed the NDA.
What we didn’t know was that he wasn’t happy about it.
“I reiterate I wasn’t comfortable with signing such an NDA, but they are not unusual in transactions like this, so I signed it on this basis in order to proceed with the terms which we had been deliberating on and negotiating over the past seven or eight weeks,” said Mr McKeown.
When asked if the identity of the investor would ever be revealed, the Chief Executive said: “I can’t answer that.
"All I can say is there are names in the public domain. I didn’t put those names in the public domain. I will honour the NDA.”
In July of this year, a delegation from Waterford, including the Chief Executive and TDs Mary Butler and John Cummins, met with the Minister and the Department of Transport to discuss the application for Government funding to extend the runway.
From the minutes of the meeting, it sounds like there was a row.
And we know that at the end of it, the department had decided a business case was required from the airport.
This came as a surprise as a business case had already been submitted in 2019.
“So that came as a bit of a disappointment as you can imagine to all concerned, such that in August 2025, Devin Regional Developments confirmed that they were no longer interested in progressing the funding due to the concern with the application, and they withdrew,” said Mr McKeown.
Following Devin’s exit, the Bolster Group secured investment from a new source who wishes to remain anonymous.
It was clear from the meeting that councillors from both government parties and opposition felt let down by the government.
Most councillors felt the proposal in front of them was the only one and that continuing to pursue a grant was a waste of time.
Cllr Jim Griffin said he was taking the opportunity to take a “political swipe” at his government-affiliated colleagues, who he said he was sure “feel like the rug has been pulled out from underneath them”.
Cllr Joe Kelly said it was a good thing the council waiver did not require ministerial approval as he did not trust sending anything to the minister.
Fianna Fáil councillor and Metropolitan Mayor Adam Wyse said that the government had agreed to give funding and now a private investor has “had to take over”.
“Fianna Fáil and Fine Gael, since I have been in politics, have been a little off with Waterford; there is no point in saying otherwise.
"There is no one sitting here more disappointed than myself,” said Cllr Wyse.
Cllr Catherine Burke said “government inaction” had not only put the airport at risk but also the vital services it supports, like the search and rescue.
“Government neglected this essential service and put communities at risk.
"Despite the council's support, the lack of national investment has stalled commercial growth, cost jobs and undermined regional connectivity and tourism. We were badly let down,” said Cllr Burke.
Cllr John Hearne also referenced the search and rescue and said if this was a factory in Cork, the government and media would be all over it.
“It was like the silence of the lambs from the ministers the way they just don’t speak up,” said Cllr Hearne.
Cllr Mary Roche said that the way the airport was handled by the government was indicative of how it has always treated Waterford.
“As long as I have been on the council since 1999, Waterford has always had to climb the hill with one hand and one leg tied behind their back and blindfolded to boot,” said Cllr Roche.
Independent councillor Declan Barry said the government “never had any interest in progressing the airport”.
Cllr Donal Barry pointed out that the issues the Department of Transport had did not seem that important to the investor.
“After years of inaction from the government, a private investor has managed in a few short weeks what they could not, review a business case, make a decision and commit to €30 million in the airport.
"That investment is well won but comes at a serious cost of government indecision,” said Cllr Donal Barry.
With all the fanfare around the councillors' vote, one could miss the fact that this is not exactly a done deal yet.
The conditions set out by the councillors are Heads of Terms and no contracts have been signed yet.
If anything substantial changes before the contract is signed, the terms may come back to councillors.
But the Chief Executive does not expect that to happen.
“So the figures I have mentioned and the undertakings I have given in terms of restrictions and clauses and covenants, they will be honoured in the legal contracts, said Mr
McKeown.
A another point worth noting is that while councillors have voted not to apply for ministerial approval and the council officials do not believe they are required to do so, the Department of Enterprise, Tourism and Employment may disagree.
Mr McKeown said that the Chief Executive’s report must be put in the public domain for one year and the minister can challenge it if they so wish.
And because the investment itself comes from outside the EU, it is subject to foreign direct investment screening.
But the Chief Executive said that the process is already underway.
Now, suppose all the checks and balances pass, the deal could fall at the construction stage.
A plot of land adjacent to the airport is to be retained by the council so that the terms can be enforced should the new company not live up to its commitments.
No lands are to transfer to the new Waterford Airport Ltd until works are complete to the satisfaction of the council and within 18 months.
When the Chief Executive was asked what would happen if the airport company could not achieve this, he responded: “So tough luck.
"This has to be completed to our satisfaction before the land is transferred”.
The one you have been waiting for, what this means for your next holiday.
Nothing until at least 2027.
But we do know that talks have begun with airlines.
The Chief Executive said that there has been a discussion with an airline, but nothing can happen until the runway is extended.
“There is positive discussions taking place in that regard, but it’s a case of build it and they will come. They are not interested in what may come to pass or may or may not be in terms of the runway extension.
“So, the development has to take place first. And we have to be satisfied that the development is as it is in the planning permission and business plan before the land actually transfers,” said Mr Seán McKeown.
In the days after the meeting, Michael O’Leary told RTÉ that once the airport can accommodate jets, it is “likely” they would operate a weekly flight to London as long as it was free.
But he said it was highly unlikely they would run daily routes.
On a more positive note, the council Chief Executive said bankers for the investor had confirmed that $35 million was now available for the works, and everyone involved is keen to get the ball rolling.
The extension of the runway isn't just about flying though.
Several councillors pointed out that the development will mean peace of mind for the people who work at the airport and the security of the rescue service.
And despite their reservations, most councillors did agree that this was good day for Waterford.
