May 18, 2021

Spain says that Iberia will be European in case of a Brexit without agreement

Spain says that Iberia will be European in case of a Brexit without agreement


MadridUpdated:

The Spanish government trusts that Iberia can fly across Europe in case of a Brexit without agreement, even though the Anglo-Spanish group IAG based in the United Kingdom is the majority owner of the airline.

The United Kingdom is scheduled to leave the European Union on March 29, but has yet to close the exit agreement, which poses a potential risk to airlines that do not comply with EU regulations, which require companies to the majority property to fly through community skies.

"Since promotion We are convinced that Iberia is a Spanish company, "a ministry spokesperson told Reuters.

"We are also convinced that, if necessary, the company will undertake the necessary adjustments to ensure compliance with European regulations," he added.

Iberia it moves 19 million passengers a year and employs almost 17,000 employees in Spain. IAG, which also owns British Airways, is registered in Spain, but its headquarters are in United Kingdom and has shareholders around the world. Iberia has a Spanish shareholder that has just over 50 percent of the voting rights through a complex ownership scheme.

"We are confident that we will comply with the rules of ownership and control of the EU and the United Kingdom after Brexit," said IAG, adding that IAG was a Spanish company.

Sources of the European Comission They told Reuters that Brussels urged IAG and all affected airlines to check with national authorities if they would meet the licensing requirements to operate in case a Brexit "without agreement".

They assured that the European Commission is in contact with the national authorities in charge of reviewing the requirements. Although IAG has the economic rights of Iberia Holdings, it owns only 49.9 percent of the voting rights. Garanair, owned by distribution giant El Corte Inglés, has the remaining 50.1 percent.

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