Ms Rosemary Fogarty:

In 2019-2020, for which our accounts are complete, the subsidiary incurred a loss of €8 million and the university had a surplus of €4.7 million, leaving an overall consolidated surplus of €3.9 million. The impact of the refunds from a subsidiary perspective was a loss of €800,000. For context, in the previous year, 2018-19, the subsidiaries made a profit of €1.9 million. That was a swing of €2.7 million, which is consistent with the value of the refunds the president spoke about earlier. That is the movement.