Dr. Hugh Brady:

The reason we have a positive cash balance is that, for example, we get the grant in lieu of student fees and the registration charge in September. One has those up front for the year. Most of the research funding from the various agencies, whether from State agencies, such as Science Foundation Ireland, from the European Union, the Wellcome Trust, etc, is paid up front. If, for example, we draw down EIB loans for capital projects, which are backed by, for instance, philanthropic donations, that money could be on balance up front.

One is getting student rents and deposits and ancillary non-Exchequer income up front - although that is now paid twice and we are looking at getting students to pay it three times over the year - but, historically, that has been paid in one lump sum up front. One gets one's money up front but all of that is committed.