Oireachtas Joint and Select Committees
Thursday, 24 May 2018
Public Accounts Committee
Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology
9:00 am
Mr. Diarmuid Collins:
Yes. A contributing factor is that we made a surplus in the year in question. It was an element of why we made a surplus in 2015-16. We got about €1.6 million in that year. The Deputy is correct in that there is an element held in escrow pending performance of the technology. We gave warranties indicating that what was spun out would deliver what it said it would deliver. The 18 months are now up, in 2018. Therefore, there remains another €800,000 to come into the university this year. We got money in 2016, and 18 months later, this year, we are to get money. It is part of national policy and the document Putting Public Research to Work for Ireland, which was launched by the Minister in 2015.
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