Mr. Seamus McCarthy:

I would prefer not to offer a view on it until I have examined it fully in the context of the 2021-22 annual financial statements. It would be premature for me to give a view. The issues the Deputy has outlined deserve answers. The committee may want to write to the university and set out those questions. We will examine it as part of the audit.

In terms of the way it is accounted for, the student levy income is taken as an income into the university. There is not a restricted reserve in which that money has been accumulating. Some of it has been spent. It is all intended to be spent on student services or student-related services, societies and so on.

Obviously, a large part of it was for the infrastructure development and there was an accumulated fund. Even as far back as 2014, it already had a certain amount in it which was being earmarked for expenditure on the centre. In a way, there is a general issue coming out of the hyperinflation impacting on a capital project because the same rules apply to capital projects everywhere, and this may not be the only capital project that will find itself in difficulties like this.