Professor Gerry Boyle:

This fund will be ring-fenced and only used as we need it. To be honest, I would far prefer to be able to use a fund like this for long-term capital investment because we have serious infrastructural deficits in the organisation. At the same time, we are being prudent in wanting to ring-fence a fund to ensure we can meet our recurrent capital requirements. An example would be that much of the time when we get income, we incur the costs of those activities before we get paid for them. It can also take a long time to recover moneys on projects where we have spent resources. We have a very clear cashflow issue and that is the basis of the surplus.