It is according to new figures provided by the Minister for Finance, Paschal Donohoe who said that the it is costing the Revenue Commissioners on average €120,000 per week to maintain and store the ship.

Seven men are charged with offences arising from the seizure of 2.25 tonnes of cocaine with an estimated value of more than €157 million.

Saeid Hassani and Harold Estoesta were the last of a group of eight defendants charged in relation to the seizure to plead guilty

Counsel said that at one point, it was suggested “engulfing the lifeboat in flames” to burn the cargo of drugs, with the accused involved in a voluntary discussion and exchange of ideas

Two men have gone on trial at the Special Criminal Court, where they deny having the 2.2 tonnes of cocaine for sale or supply on board the Panamanian cargo ship in what was the largest such seizure in Irish history

The 2.25 tonnes of cocaine that was seized from the MV Matthew, a Panamanian-registered bulk carrier, has an estimated value of more than €157 million.

The men are charged with offences arising from the seizure of cocaine worth more than €157 million on the MV Matthew

The 2.25 tonnes of cocaine that was seized from the MV Matthew, a Panamanian-registered bulk carrier, has an estimated value of more than €157 million.

The men are charged with offences arising from the seizure of 2.25 tonnes of cocaine on board the ship the MV Matthew.

The MV Matthew was boarded in a dramatic operation by the Army Rangers in September 2023.

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Harold Estoesta appeared before Midleton District Court on Thursday morning

The man is due to appear before Midleton District Court in Co Cork on Thursday morning.

The seizure of almost €160 million worth of cocaine off the Cork coast "could have gone horribly wrong" due to Defence Forces underfunding, according to an independent TD

Gardaí have said the seizure was the largest in the history of the State

A total of 2,253kg of cocaine was found on a cargo ship after it was boarded by an elite Army unit.

A total of 2,253kg of cocaine was found on a bulk cargo ship which was boarded by an elite Irish military unit.

The seizure was the largest in the history of the State

The MV Matthew is the ship behind the State's largest-ever cocaine seizure

Cocaine valued at almost €160 million was found onboard the Panamanian registered MV Matthew

Helen McEntee’s comments come after an elite Army unit stormed a cargo ship to capture the biggest drugs seizure in the history of the State.

Six men have now been detained for questioning about the largest drugs haul in the history of the Irish state.

The drugs were found on a Panamanian-registered vessel in a major joint agency operation off the south-east coast of Ireland

An elite army unit stormed a Panamanian cargo ship in a major operation on Tuesday