According to Mr Ledwidge about 15 per cent of the Docklands can be developed before these vital infrastructural projects are put in place. Planning applications to date from Howard Holdings and Origin Group currently account for roughly that proportion of the site but will take about ten years to complete.

Mr Ledwidge will present options for funding the docklands infrastructural works to councillors on Monday night where he will outline possible alternative options if funding is not forthcoming from the GIF.

Fianna Fáil councillor Damien Wallace who is Chairman of the Docklands Policy Committee was also optimistic about the prospects for the Cork bid.

Speaking to the Cork Independent, Cllr Wallace said, "The projects stand on their own merit. It's also true that there were less applications for the GIF than was initially anticipated so I don't think the 10 per cent reduction will really affect us that much. If anything it means that they will look more favourably on applications that are likely to be of real economic benefit such as ours".

Chief Executive of the Cork Chamber, Conor Healy was also optimistic and said that the GIF presented an opportunity for the Government to show it was serious about supporting the development of Cork's docklands.

He told the cork Independent, "We are hopeful that the application will be successful and we hope that the announced reduction in the fund will not adversely effect the Cork application. The time has come for the decision to be made public, we need to known so that things can move forward. If the Government are serious about the Docklands they will support the application".

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