Mr. Tom Boland:

We are an institution of 60 people, and it is a vast system. We have to rely on putting in place good processes and reviewing them. The Deputy made a point about being proactive, and I can read to him a very short extract from a financial memorandum. We are in consultation about it now and it perhaps reflects where we are going with this. It states:

Where the HEA has concerns or insufficient information to provide the assurance required, the authority will in the first instance seek to resolve matters with the chief officer of the institution. Where this has not proved possible, the authority will inform the chair of the governing body and the institution's chief officer in writing and without delay of any significant concern about the conduct of the institution. Only after such notification, and where the circumstances warrant it, the HEA may consider whether it is appropriate to hold back or suspend the payment of any or all grants due to the institution.

We are going to take a much more proactive role in this space.