Fastnet Line Chairman Welcomes New Funding

At the Fastnet Line Board meeting held on the 1st April, Chairman, Mr. Conor Buckley, welcomed the recent investment by Cork County Council, Cork City Council and Kerry County Council in the ferry company which runs the route from Cork to Swansea. The councils approved a total of €250,000 to be loaned to the ferry company with €100,000 each coming from the two Cork Councils and a further €50,000 being loaned by Kerry County Council. The loans are all in the form of secured bonds issued by Fastnet Line.

 

Mr. Buckley commented, “We are delighted with this support from the Councils which we believe recognises the important role that Fastnet Line has to play in the economic life of the South West and in particular the vital access which the ferry provides for the tourism industry.”

 

The ferry which carried almost 80,000 passengers in its first ten months of trading in 2010 has proved a boost to the tourism industry in Cork and Kerry and Mr. Buckley noted that they hoped to carry 100,000 passengers in 2011. He added, “Everyone recognises the key role that tourism has to play in the economy and with our exporters generally performing  very well in 2010, the ferry is a vital link for both sectors. It is our intention to continue to grow both the passenger and freight parts of our business as aggressively as we can in the current market.”

 

Fastnet Line, which is a wholly owned subsidiary of the West Cork Tourism Co-Op, was established in 2009 to run the ferry route between Cork and Swansea and commenced trading in March 2010.

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