Mr. Seamus McCarthy:

I think the Chairman has summarised it. Essentially, it arises from a change in the pension arrangements in respect of those five universities as a result of the 2009 Act where an existing pension fund into which the universities were contributing was transferred to the National Pensions Reserve Fund. However, the Higher Educational Authority, HEA, continued to fund them as if they were still contributing and they were instructed to pay the surplus funds into individual pension fund accounts. They are recorded in the individual universities but they will be there in the future to meet liabilities that otherwise would fall on the HEA. It is an anomalous situation, and the fund is growing by about €30 million a year. I was just drawing attention to it in the circumstances.