Mr. Seán Ó Foghlú:

No. The development committee was set up in 1989, when the Waterford Regional Technical College was under the aegis of City of Waterford Vocational Education Committee. It was given freedom under the Regional Technical Colleges Act 1992 and changed its name to Waterford Institute of Technology subsequently.

The crux of the matter is that the companies were independent on the one hand and not independent on the other. Our understanding was that they had been operating independently, but the report has clarified that they were not. In effect, they were really a part of the institute. The directors of the companies have readily agreed to being consolidated under the institute in the past few weeks.