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#TITANIC - Titanic Island, the company at the head of the consortium developing Belfast's Titanic Quarter, made a pre-tax loss of £20 million (€25 million) in 2011, as BBC News reports.

Much of this has been attributed to a one-off payment of £13 million (€16.25 million) to the charitable trust that owns the new Titanic Belfast visitor centre on the shores of Belfast Lough.

The company's directors described the opening of the tourism hot-spot as the "tipping point" for the development and that "the pieces are in place" for the Titanic Quarter to become one of Ireland's most important commercial hubs.

Meanwhile, Titanic Island is in discussions with Ulster Bank about restructuring its loan support, which the firm's auditors say is essential if the development is to continue.

BBC News has more on the story HERE.

Published in Titanic

The Irish Cruiser Racing Association (ICRA) Information

The creation of the Irish Cruiser Racing Association (ICRA) began in a very low key way in the autumn of 2002 with an exploratory meeting between Denis Kiely, Jim Donegan and Fintan Cairns in the Granville Hotel in Waterford, and the first conference was held in February 2003 in Kilkenny.

While numbers of cruiser-racers were large, their specific locations were widespread, but there was simply no denying the numerical strength and majority power of the Cork-Dublin axis. To get what was then a very novel concept up and running, this strength of numbers had to be acknowledged, and the first National Championship in 2003 reflected this, as it was staged in Howth.

ICRA was run by a dedicated group of volunteers each of whom brought their special talents to the organisation. Jim Donegan, the elder statesman, was so much more interested in the wellbeing of the new organisation than in personal advancement that he insisted on Fintan Cairns being the first Commodore, while the distinguished Cork sailor was more than content to be Vice Commodore.

ICRA National Championships

Initially, the highlight of the ICRA season was the National Championship, which is essentially self-limiting, as it is restricted to boats which have or would be eligible for an IRC Rating. Boats not actually rated but eligible were catered for by ICRA’s ace number-cruncher Denis Kiely, who took Ireland’s long-established native rating system ECHO to new heights, thereby providing for extra entries which brought fleet numbers at most annual national championships to comfortably above the hundred mark, particularly at the height of the boom years. 

ICRA Boat of the Year (Winners 2004-2019)