Waterford Crystal loan aid refusal ‘devastating’

THE Government’s refusal to guarantee a €39m loan for Waterford Crystal was “unimaginative and potentially devastating to the Waterford area”, the Dáil has heard.

Labour’s Brian O’Shea, who represents the constituency, said unemployment had risen substantially in Waterford over the past year and the state’s decision has put further jobs at risk.

Some 490 jobs are already in the process of being eliminated at Waterford Crystal as part of a restructuring package announced late last year. However, Waterford Wedgwood, the parent company of Waterford Crystal, had said the remaining 550 jobs at the glassmaker could be secured if the Government guarantees the loan.