Tánaiste defends bail-out refusal

THE Government has defended its decision not to bail out Irish Fertiliser Industries, arguing that it was not commercially viable to do so.

The State and ICI, who are joint shareholders of the firm, turned down a rescue plan earlier this year saying the plant was not commercially viable.

Volatile market conditions mean it is cheaper to import fertiliser than produce it here and the company was seeking a cash injection from the State to stay afloat.