Council to invest €200k in Cork ferry

CORK County Council is to invest €200,000 in the new Cork-Swansea ferry, the MV Julia, which is set to sail on March 1 next.

The ferry company, the Fastnet Line, is currently raising working capital from private companies and venture capitalists. The Fastnet Line is issuing bonds at €50,000 each, which are repayable over a four-year term.

County manager Martin Riordan won backing from all 48 councillors yesterday for the local authority’sinvestment. The council has also promised additional money to market the new service and councillors want their counterparts in Kerry and the Government to put their hands in their pockets to aid the venture.