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Displaying items by tag: Bullion

“Substantial progress” is being made in the recovery of gold bullion from a ship wrecked off Donegal nearly 80 years ago, as RTÉ News reports.

Atlantic Subsea Ventures is involved in the salvage operation at the Empress of Britain, a luxury ocean liner that was requisitioned for the war effort in 1939 and targeted by the Nazis the following year.

A number of such vessels are believed to lie in the depts around Ireland, with one in recent years — the SS Gairsoppa off Galway — giving up a record 48 tonnes of silver bullion seven years ago.

The Empress of Britain, which is believed to hold as much as €500 million in gold bullion, was found in 1995 but its location in deep waters precluded any salvage expedition, until now — thanks to remote-operated technology used in the oil and gas industry.

What’s proving a bigger stumbling block for the salvage company, it says, is Ireland’s 7.5% levy on recovered cargo which must also be held for a year and a day before it can be moved on.

RTÉ News has more on the story HERE.

Published in Coastal Notes

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)