Cork City councillors have voted in favour of giving a loan of €200,000 to the board of the city's film festival.
Last week, councillors were told that the festival faced "an immediate risk of going into receivership" because of the state of its finances.
Following an hour-long council meeting on Monday, councillors voted 18 in favour, and eight against, to giving the festival a loan which is to be paid back over the next eight years.
Earlier the meeting was told that the 61-year-old festival had debts totalling €262,000: €174,000 of this is owed to creditors, €62,000 to the bank and €26,000 to the Revenue Commissioners.
The Cork Film Festival is said to be worth over €2.5m to the city and last year screened a number of Irish premieres and over 50 Irish short films, almost half of which were made in Cork.
