Northern Ireland's Department for Social Development (DSD) paid £170,000 yesterday to save a ship which once ferried passengers to the Titanic.
The SS Nomadic, the last of the White Star Line vessels, was built at the Harland and Wolff shipyard where the Titanic was launched in 1912.
The bid was accepted at an auction in Paris after fears that the ferry would end up in a breaker's yard. A special charitable trust will now be set up to oversee fundraising and its full restoration.
David Hanson, minister at the DSD, announced his department had been working behind the scenes to acquire the boat. "DSD paid €250,001 for the vessel," he said yesterday.
But with millions needed to carry out a full restoration, Mr Hanson warned the Nomadic would be sold in 18 months if the trust does not succeed in its fundraising efforts.
Local campaigners had urged the authorities to intervene and rescue the ship, which is regarded as a major part of the Titanic legacy and Belfast's history.
The Nomadic, which was sold for scrap 56 years after the sinking of the Titanic, was later used as a floating restaurant on the Seine, close to the Eiffel Tower.
The 67-metre long (221ft) ferry has been in dry dock in Le Havre, northwest France, since April 2002.
It failed to sell at an earlier auction held in November.
Belfast City Council has pledged £100,000 to boost the £40,000 already raised in private donations to help with transportation costs.