Displaying items by tag: Bailout

23rd December 2012

'Bailout' Sanctioned for Galway VOR Stopover

#VOR - The Galway City Tribune reports that Taoiseach Enda Kenny has sanctioned a bailout for outstanding debts owed by the organisers of this summer's Volvo Ocean Race finale in Galway.

Minister for Tourism and Sport Leo Varadkar had previously ruled out any Government assistance to cover the €400,000 in debts owed by Let's Do It Global to numerous suppliers.

Let's Do It Global was subsequently moved to declare that a decision on bidding to host a third stopover is "postponed" while it concentrated on settling with its creditors.

But now unconfirmed reports suggest that Government funding will be provided in January to cover €360,000 of the debt.

Galway West TD Brian Walsh told the Tribune he is "confident that the issue in relation to debts will be sorted out, and that the creditors - many of whom are small businesses - will be paid."

Though it is unclear when Galway will be prepared to tender for a third hosting of the round-the-world yacht race, organisers for Dun Laoghaire have recently announced their intention to bid for the 2016 race - and cash in on the success of the event in the City of the Tribes this year.

Published in Ocean Race

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About the Loughs Agency

The Loughs Agency is a governmental body established under the 1998 Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of Ireland. The Agency's goal is to provide sustainable social, economic, and environmental benefits by effectively conserving, managing, promoting, and developing the fisheries and marine resources of the Foyle and Carlingford areas.

The Agency's governing legislation confers several specific functions, including the promotion of development of Lough Foyle and Carlingford Lough for commercial and recreational purposes in respect of marine, fishery, and aquaculture matters. Moreover, the Agency is responsible for managing, conserving, protecting, improving, and developing the inland fisheries of the Foyle and Carlingford areas. Additionally, the Agency has the task of developing and licensing aquaculture, as well as the development of marine tourism.

The Loughs Agency reports to the North South Ministerial Council and its government Sponsor Departments, the Department of Agriculture, Environment and Rural Affairs (DAERA) in Northern Ireland, and the Department of the Environment, Climate, and Communications (DECC) in Ireland. The Departments fund the Agency on an equal basis.

The Loughs Agency's focus on sustainable development is expected to have a positive impact on the economy, environment, and local communities in the Foyle and Carlingford areas. The Agency's efforts to conserve and enhance the region's marine resources, including fisheries and aquaculture, are expected to benefit local communities, promote tourism, and contribute to economic growth.

In conclusion, the Loughs Agency plays a vital role in promoting the sustainable social, economic, and environmental development of the Foyle and Carlingford areas. Its work on marine conservation and development is crucial in ensuring the long-term viability of the region's natural resources and in promoting sustainable economic growth.