Mr. Seamus McCarthy:

No. 4.1 is the financial statements for University College Dublin for the year ending 30 September 2013. There is a clear audit opinion, but I draw attention to several issues. The first is a recognition of a deferred pension funding asset which, as I have said before, is standard for education bodies. I draw attention to the non-competitive procurement of €2.6 million worth of services by the college. A second point in the area of procurement is that UCD applies a threshold of €60,000 for the open tendering of contracts, rather than the Department of Public Expenditure and Reform’s requirement for open tendering for contracts with a value of €25,000.

The final point concerns a settlement with the Revenue Commissioners to a total value €2.28 million which was finalised in February 2014.