Aer Lingus chief executive Mr Willie Walsh has said the management team remaining at the airline will continue cutting costs and maintain the airline's low fares strategy. Mr Walsh spent his last day at the airline yesterday.

Apart from Mr Walsh, chief operations officer Mr Seamus Kearney and chief financial officer Mr Brian Dunne also left the airline yesterday.

Speaking to The Irish Times, Mr Walsh said the remaining management team had no choice but to maintain the current strategy.

"There really is no alternative to the low-cost model. It is the only way you can be successful in the current market. A lot more cost will have to be taken out. There is a strong management team in place, they know what needs to be done."

Mr Walsh and his two colleagues are now expected to concentrate on putting together a business plan for their own airline.

Asked about the future of Aer Lingus, Mr Walsh, said it was up to the Government to provide clarity on its future direction.

"The ownership issue needs to be clarified. The airline will need capitalisation. It is clearly not going to come from the Government. But the lack of an alternative source is really limiting the airline at the moment."

He said he still believed that some form of privatisation was the right thing to do, although the decision was ultimately one for the Government.

"I don't think there is an immediate need for funding, but what there is a need for is clarity on how the airline is going to access the funds it needs."

As for his own personal feelings, Mr Walsh said he had no regrets about leaving. "I have absolutely enjoyed every moment of it. I have great friends here and great memories".

Asked if he was hurt by some of the comments made by the Taoiseach in November concerning himself and the other two executives, Mr Walsh said: "No, it didn't bother me. That's politics; we are in business. Sometimes those two things do not meet in the middle."

Aer Lingus, meanwhile, is continuing the search for its new chief executive.

Earlier this week, the airline's chairman, Mr John Sharman, said several candidates had come forward that would be instantly recognisable to the international markets.

Mr Sharman will effectively be running the business from next week as he is now an executive chairman.