The Air Travel Trust Fund (“ATT”) is the primary source of funding when an ATOL holder fails. Monies from the ATT are used to meet refund and repatriation costs arising from a failure. The Fund is administered on behalf of the Air Travel Trust (“ATT”) by the Consumer and Markets Group (“CMG”) of the Civil Aviation Authority.
The Fund was established in the 1970’s by way of a levy on tour operators’ holidays. The levy ceased in 1978, after which the Fund’s only income came from investments while it remained in surplus. Following a number of large calls during the early 1990s the Fund had been in deficit since 1996. As at 31 March 2020 the ATT fund had a surplus of £21 million.
The ATT is principally funded by ATOL Protection Contributions (APC). The Civil Aviation (Contributions to the Air Travel Trust) Regulations 2007 enable the ATT to collect APCs from ATOL Holders for each person who books air travel covered by an ATOL. A commercial credit facility has been arranged to provide additional liquidity. In some failures the ATT may also receive recoveries, such as bond monies
Latest report and financial statements
The Air Travel Trust (ATT) has published its Financial Statements for the year ended 31 March 2020.
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