Mr. Tom Boland:

To assist the committee I will call in the aid of Mr. Stewart Roche, who is an accountant.

The background is that the five older universities had their own pension schemes, not including the University of Limerick, UL, and Dublin City University, DCU, and, as with many pension schemes and for a variety of reasons, they were in deficit. The HEA some time ago set up a working group involving the Department of Education and Skills, HEA, the universities and the Department of Finance. That concluded that the pension schemes were not viable in the long term, should be wound up and their assets transferred to the State. The pension schemes closed. Something over €1.2 billion was transferred to the State. Is that right?