Council approves €1m loan for Opera House

CORK City Council sanctioned a €1 million interest-free loan last night to help secure the future of Cork Opera House.

The unanimous decision comes just over a month after the council – the theatre’s largest shareholder – guaranteed a €1.5 million bank loan for the venue which is designed to facilitate the restructuring of short-term loans and overdraft facilities which had been advanced by the theatre’s bankers.

The latest loan is to be repaid within a 15-year period with a moratorium on repayments for the first three years of the term.