€200k lifeline to Cork film festival ‘is good news’

The board of the Cork Film Festival has broken its silence on its financial crisis to welcome a €200,000 lifeline sanctioned by City Hall.

They said the €200,000 loan, approved at a special council meeting on Monday, is good news for filmmakers in the region and will ensure t the festival can continue to showcase the finest cinema from Ireland and the world.

“This support means that Cork Film Festival can continue to deliver a high quality programme of challenging and exciting cinema to its local, national, and international audiences, and continue in its role as Ireland’s premier film talent development event,” they said.

The board and executive yesterday expressed deep gratitude to the council for approving the loan.

The interest-free loan to Cork Film Festival Limited will be repaid over the next eight years.

The company has agreed to stage a scaled-back event this year running over two weekends, and to a raft of other changes, including improved governance, tighter budgetary and financial controls, and more oversight.

Council officials have also insisted that the extension of the loan facility will not impact on their ability to deliver services.

The board of the festival said with support from the Arts Council, which is being discussed this week, and the city council, it will seek to enhance the cultural experience of its audiences.

“This support for the Cork Film Festival is good news for Cork and Munster filmmakers,” they said. “Their films are included in the Cork Shorts award, and are eligible for the Grand Prix Irish short award, presented by RTÉ Cork.

“The winner of this prize is then long-listed for Academy Awards consideration.

“Significantly, Cork City’s and county’s business communities will welcome this very positive development.”

It is understood that up to €100,000 is owed by the film festival to local creditors.

The board also acknowledged the generous support of RTÉ, the Gate Cinemas, the River Lee Hotel/Doyle Collection, Fáilte Ireland, University College Cork, Cork Institute of Technology, the Irish Film Board, Culture Ireland, the Broadcast Authority of Ireland, and the very many others the festival engages with.

Councillors voted 18-8 to approve the loan on Monday.

They have also sought the appointment of up to three councillors to the festival board to enhance council involvement in the event.