21 August 2008

Call on Air Travel Trust fund falls

The call on the Air Travel Trust fund dropped sharply to Ã&#pound;0.4 million in the year to March 31, 2008, compared with Ã&#pound;3.3 million in 2007.

The Civil Aviation Authorityââ¬â¢s Air Travel Trust fund report revealed that 25 companies with Air Travel Organiserââ¬â¢s Licences (ATOLs) failed last year, but only twelve of those failures resulted in a call on the bond.

However, after interest payments and bank charges totalling Ã&#pound;1.3 million, the Trustââ¬â¢s overall deficit increased by Ã&#pound;1 million to just over Ã&#pound;21 million during the period.

From April 1, a levy has replaced ATOL bonding as the primary means of providing financial protection to customers.

Monthly payments to the Air Travel Trust commenced in early June, based on bookings taken by ATOL holders during April.

The level of bookings reported to date indicate the market for summer 2008 has held up well, said a spokesman for the Trust.

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