Professor Diarmuid Hegarty:

To be honest, it is something that is really needed. I have only looked at it on a preliminary basis. There is funding available from the European Social Fund. It is a matter of putting together a proposal involving a partnership between the State and a financial institution. I have been talking to the credit unions on this. That must be done on the basis that there is a limit to the interest. It cannot work for the student if the interest rate is more than 4%. Can it work for the financial institution? One must bear in mind that Europe will actually guarantee 80% of the loan. At the same time, an interest rate of 4% is only attainable if there is a very high level of repayment. I think it is possible. The sums need to be done.

A process of discussion needs to start with the European strategic investment fund. If the State were interested, I would be more than happy to do the investigation on this and come up with the proposal. However, one can spend one's life on something that is going nowhere. If the State is not interested there is little point. If the State is interested in this, I think there is a significant opportunity and potentially extensive funds available.