Mr. Tim Conlon:

I was asking if Dr. Trant might take that one too. It is a tricky one. Higher education institutions are in the business of the provision of education and research. To some extent, they expand their enterprise into things such as student accommodation or sports provision and so on. They are a very tricky balancing act and very risky investments because they are long term. Students are also very hard on student accommodation. To provide and maintain it and so on comes at a cost.

We talked earlier about the scale and capacity of the technological universities. They have a lot to deliver in respect of their requirements under the legislation in the short to near term. The way in which they take on other endeavours, beyond the core of getting the business right, will need careful consideration. We are in the process of merging two or three institutions at various locations nationally into technological universities. Should we take on large-scale capital projects on top of that? If I was to think about how we would assist or work with institutions in that space, they will need external advice and assistance in taking on major capital projects that include going to market tenders. We know that building costs, for example, are 30% higher at present across the economy. Institutions need advice and assistance. They might not necessarily have the capacity. Even if the ability to borrow was made available, would they take it on?