High insurance premiums and a lack of funding have been cited as the main reasons the Shandon Street Festival does not look likely to go ahead for the foreseeable future.

In a Facebook post, the festival committee announced that it has decided to “take an extended break”.

The post reads: “It is with great sadness that after 16 years of great memories, we have decided to take an extended break from running Shandon Street Festival.

“There are many reasons for this tough decision, including high insurance costs, as well as lack of funding.

“Thank you for all your support over the past number of years. We hope we made a difference to your lives.”

James Nolan of Frank Nolan Butchers on Shandon Street, a member of the festival committee, told The Echo the decision had come from an accumulation of factors.

“The insurance and funding is tough to get every year anyway,” he said.

“Basically, we got to a stage where you get tired, and… I felt its time has gone. It is sad to give it up but how long can you keep something going? We tried a couple of times to hand the baton over, so to speak, but there were no volunteers.”

Mr Nolan said the festival committee had to raise between €8,000 and €10,000 each year to cover the cost of the event, with preparation work usually starting in January to organise road closures and adequate licences.

“We were lucky. Cathedral Credit Union sponsored us every year, as did Anthony Coughlan Heating and Plumbing. But trying to raise the rest was the hardest part,” he said.

“Hopefully someone might pick up the baton sometime to make a return."

Cork city councillor John Maher said it was very disappointing news.

“It’s a pity that insurance levies are preventing this event from happening, and it puts a question on other community events throughout the city,” Mr Maher said.

“Central Government must grab the insurance issue for communities head-on, and advice to shop around won’t be tolerated.”