The woes mount at Aer Lingus. With profits down and flotation off the agenda, insiders say the mood has never been bleaker at the State-owned airline. Worse still is the uncertainty surrounding the chief executive, Mr Michael Foley, who was effectively suspended after a board subcommittee upheld two complaints of sexual harassment against him.

Mr Foley protests his innocence and took his case to the High Court last week. But Ms Justice Carroll refused to grant Mr Foley an injunction blocking disciplinary action, arguing that the balance of convenience was in the airline's favour because it risked trading without a chief executive for a considerable period.

Similar arguments were made in an affidavit sworn on the airline's behalf by National Toll Roads chairman, Mr Richard Hooper. Citing trading problems linked to foot-and-mouth and the US economy, Mr Hooper said Aer Lingus would suffer "irreparable loss and damage" unless the difficulties regarding Mr Foley were resolved within a very short time. Granting an external appeal to Mr Foley would leave the company "rudderless" at a critical time, Mr Hooper said.

Aer Lingus has been without a chief executive before, of course. When Garry Cullen resigned the top job last year, Mr Larry Stanley filled the chair for six months before Mr Foley was recruited. Result? Aer Lingus had its best year financially, with profits of a about £60 million (€76 million).

The projected profit this year is £15 million. How times change, eh?