"Tortuous" negotiations are continuing this weekend between a Finnish bank and a Cork self-help alliance who are trying to purchase a ship to reopen a ferry service.

The Irish group, led by West Cork Tourism, is trying to raise €3m in voluntary donations to restart the Cork-Swansea ferry service, the termination of which in 2006, they say, has cost the region up to €50m annually in lost tourism.

Representatives of the Finnish bank, which repossessed the 28-year-old The Julia, were expected in Cork last Friday morning for a meeting to finalise the purchase. But the visit was aborted following a creditors' meeting on Thursday evening in Helsinki.

Instead, the bank issued a formal letter of offer to the would-be Cork buyers for an undisclosed price.

"We're still hopeful," said campaign coordinator Paul O'Brien. "We want to get the best deal possible, especially on behalf of the shareholders, but it's frustrating for everybody it's taking this long to finalise. Hopefully, it'll be achieved next week."

The Cork Swansea Ferry Campaign made the highest bid of four when the 1,400-passenger ship, which previously plied the sea between Helsinki and St Petersburg, went up for sale nearly a fortnight ago.

Their bid fell short of the reserve price. If they succeed in acquiring the ship, they plan to have it in service for the summer season, following a refit. The boat's name will also be changed to The Innisfallen, continuing the tradition of a ship bearing that name on the Swansea Cork route for 80 years.