The chairman of Aer Lingus, Mr Bernie Cahill, has said the flotation of the airline should take place "sooner rather then later" and could take place as early as summer.

Speaking yesterday, Mr Cahill said the resignation of Aer Lingus's chief executive Mr Gary Cullen last Wednesday should not delay the process of floating the State-owned airline.

Mr Cahill disagreed with suggestions that the airline was worth £300 million or £400 million (€381-€508 million). "I'm not putting a value on Aer Lingus, but I don't agree with £400 million - that's too low. £300 million is definitely too low." The management structure to proceed with the flotation was already in place, he said, although the company would only float when ready. The ultimate decision on the timing of the flotation would be taken by Government.

"I was very disappointed that Gary went, but he made a decision and I have to respect that," said Mr Cahill. He added that it was not an easy decision for Mr Cullen to take, but said it was better that he left before the IPO process had begun in earnest.

Asked whether it had been unwise of Mr Cullen to take the position of chief executive 16 months ago, Mr Cahill said: "I don't believe it was. He proved to be an excellent chief executive." Mr Cahill added that a decision to proceed with the flotation had not been taken at the time of Mr Cullen's appointment.

Mr Cahill said he believed Mr Cullen's decision to resign was not related to recent media reports which suggested that he was not the right man for the job.

The appointment of Mr Cullen's successor would be made by Aer Lingus's board of directors, after its next meeting on February 24th.