Placing blame for loss of ferry company

Enterprise Ireland is now revealed as the agency which sank the chance of the Swansea-Cork Ferry emerging from examinership (Irish Examiner, Feb 1).

They introduced at the last minute in negotiations some concerns about being sued under EU laws on state aid if they funded the re-launch. So why did they enter negotiations in the first place?

Despite published calculations that the South-West benefits from €35m of tourist spend annually when the ferry is running, as against a €20m benefit to the South Wales economy, Finance Wales (a semi-state body) was willing to match the approximately €800,000 funding expected from Cork County and City Councils, Kerry County and Enterprise Ireland. That is astonishing. The news that Enterprise Ireland (Evening Echo, 1/2/12) also stipulated that €300,000 of private equity must be found before they would agree to invest their €400,000 simply beggars belief.