The Minister for Transport, Mr Brennan, has said Shannon Airport would be significantly boosted if a low-cost airline would agree to start operating transatlantic routes.
Mr Brennan told a conference in Dublin that a budget airline operating out of Shannon would be ideal. He said there was huge scope for some airline to take advantage of this opportunity.
"It is only a matter of time before an entrepreneur launches a budget transatlantic service, possibly from Shannon," he told the Future of European Air Transportation conference in Dublin.
The conference was organised by the Federation of Aerospace Enterprises in Ireland, a division of IBEC.
Asked by reporters afterwards whether he had any information on what airline might take on this project, he said he did not.
"I am trying to encourage the idea," he said. "There has to be scope for some low-cost operator to look at the economics of the transatlantic," he said.
He said as many people wanted to make short trips to the US nowadays as they did to European destinations.
Mr Brennan said Shannon had a bright future under State ownership but with strong, independent and visionary leadership.
"It is about new beginnings, new business and marketing strategies, new pride in the regions, more jobs and more growth.
"There are people who say to me on airports policy: 'If it's not broken, why fix it?' To them I say take a closer look, there are cracks appearing," he added.
"To these people with their dire warnings, I think it is worth recalling that, back in the 1980s when Ryanair was looking for a foothold on the aviation ladder, I was warned that if I gave Ryanair access to Aer Lingus routes I was sounding a death knell for our national airline."
Mr Brennan said Shannon should not fear negotiations on ending the stopover policy for Irish and US airlines. He said any deal that emerged would include some kind of protection or "breathing space" for Shannon.
The Minister said he hoped to have legislation for the break up of Aer Rianta into autonomous entities with the Dáil before the summer.
However, Ryanair criticised this statement yesterday and said there had been major slippage in the timetable for the break up of Aer Rianta and the planning of a second terminal for Dublin.
Ryanair chief executive Mr Michael O'Leary said: "Given that the Department of Transport has previously confirmed that the legislation for the breaking up of the Aer Rianta monopoly would be moved prior to the Dáil summer recess in 2003, prior to the Christmas recess in 2003, prior to the Easter recess in 2004, when can the users of Dublin Airport expect the Department to actually publish this legislation."
In relation to the terminal, he said, in the statement: "Given that the Department of Transport has been sitting on 13 separate expressions of interest for the building of a second competing terminal at Dublin Airport for over 18 months now, when can we expect the Department to actually make a decision on a second terminal."
Mr Brennan said it was easy for Ryanair to make such comments. He said that policies had to be agreed with colleagues and legislation had to be drafted carefully, but things were "well advanced" on the Aer Rianta break up and a new terminal would be next.
"I have taken the view that to try the two at the same time is probably more than the system can take."
On Aer Lingus, he said that two reports were recently put before the Cabinet and discussions were continuing. He said that, over the next few months, he wanted to remove the uncertainty "one way or the other".
