The Irish Film Board has called on the Government to reverse funding cuts introduced during the financial crisis.

At a presentation in Dublin attended by prominent film directors, producers and actors, the acting chair of the board, Annie Doona, described 2016 as a "watershed moment" for the Irish film industry.

There were a number of locally produced films winning awards and critical acclaim was being accorded internationally, but she said “we really need that restoration of funding - and we probably need it right now”.

Successful year

The board invests in development, production, marketing, distribution and training in the Irish film industry, which has had one of its most successful years since its re-establishment in 1993 by then minister for arts and now President, Michael D Higgins.

Board-supported films such as Brooklyn, Room and Viva will be in contention when the nominations for this year's Academy Awards are announced at lunchtime on Thursday.

Ms Doona said the board was “ambitious to build on that great success”, but that it had a problem with funding, which was down 40 per cent to €11.2million from its 2008 peak of €20 million.

"In order to realise the potential, we need more money to enable more films to be made, and for Ireland to be even greater on the world stage," she said.

Tax breaks

Director Jim Sheridan, whose film The Secret Scripture is set for release later this year, said the Government had been "good, in really bad circumstances" to the industry, but that the tax breaks and supports for film paled in comparison with those available to the bloodstock industry.

He compared the current international success of Irish films to what happens “when we get into the last 24 of the Euros”.

Lenny Abrahamson, the director of Room, which is in the running for a number of Oscar nominations, said he would "not have been here if it wasn't for the Irish Film Board".

Abrahamson, who has spent the last few months publicising Room in the US, said he was “amazed at how many people were asking about what’s going on in Ireland”.

Early 1990s

Room's producer, Ed Guiney, who also produced last year's Cannes Film Festival prizewinner The Lobster, said that, whatever happened with this week's nominations, Ireland was experiencing a similar moment to the early 1990s, when Neil Jordan and Jim Sheridan regularly featured at the Academy Awards for films such as My Left Foot, The Crying Game and In The Name of the Father.

“Whatever happens tomorrow, let’s see the good in it,” said Guiney. “There’s a huge prize out there to be won. Talent is the scarce commodity in our world. The clever way to spend money is in developing projects that are world beaters.”