British Airways fined 20 million by ICO

[vikpaw]

BA receives ICO’s biggest fine so far...

 

https://uk.finance.yahoo.com/news/airline-british-airways-industry-data-breach-passengers-ico-coronavirus-101241678.html

Edited October 16, 2020 by vikpaw

[mrbios]

Ooof, painful timing.

[Ditto]

Yes, really bad timing - wonder if it will be the final nail in the coffin?

[RLR]

That's a lot lower then their original suggested fine. £20m down from £180m.

[FN-GM]

Yes, really bad timing - wonder if it will be the final nail in the coffin?

 

I doubt it. I don’t think £20m is even the value of 1 plane.

[elsiegee40]

I doubt it. I don’t think £20m is even the value of 1 plane.

Planes are probably unsaleable at the moment. Ready cash to pay it is their problem

[FN-GM]

Planes are probably unsaleable at the moment. Ready cash to pay it is their problem

 

To have assets of that value generally means you have large quantities of cash.

 

If all else fails they can fall back on IAG. They will bail them out.

[elsiegee40]

To have assets of that value generally means you have large quantities of cash.

 

If all else fails they can fall back on IAG. They will bail them out.

 

Twaddle! (I want to use a stronger word, but I’d have to moderate myself)

 

A family can own a stately home worth millions and have many art masterpieces on the wall and have all cash in the bank.

 

The same applies to businesses. They keep enough in the bank to pay the bills and the rest is invested in capital items like planes or in longer term investments that take time to extract. They rely on the cash received from their customers to tide them through the immediate future. The airlines aren’t getting much income at the moment.

 

My guess is, especially with the redundancies they’re making, all the airlines are struggling with cashflow at the moment.

[3s-gtech]

BA had to mortgage a large part of their fleet, other planes may be sold and leased back - they’ve freed some cash by doing that but it’s surely gone by now and the long term effect is even more outgoing to support their liabilities. Selling the planes is an avenue they’ve already well explored.

[FN-GM]

When they burn through £178million a week and still survive this £20m is a drop in the ocean. Granted it’s not ideal. If this gone came in normal times they wouldn’t feel it at all.

 

BA had to mortgage a large part of their fleet, other planes may be sold and leased back - they’ve freed some cash by doing that but it’s surely gone by now and the long term effect is even more outgoing to support their liabilities. Selling the planes is an avenue they’ve already well explored.

 

Airlines routinely do this during normal times. Usually when the aircraft is on the way out of the fleet.

Edited October 17, 2020 by FN-GM