Oireachtas Joint and Select Committees

Thursday, 22 June 2017

Public Accounts Committee

University College Cork and University of Limerick: Financial Statements

9:00 am

Mr. Diarmuid Collins:

-----because the assets and liabilities would still be matching up. It still had the campus. It would still have had those borrowings to discharge. Those borrowings had to be discharged one way or the other. It had to pay back AIB and the pension trustee charge ultimately had to be paid. It was much cheaper for UCC to borrow that money. We can get long-term finance compared to what a private company can get and we can get it at a cheaper rate to buy that campus and discharge those borrowings.

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