Professor Lisa Looney:

I do not have sight of the full figures across the higher education sector. The universities are all autonomous. They are all managing their borrowings individually. What we do know is that several IUA members have reached the ceiling of what they can borrow. If one applies to the ECB, it will look at the ability to pay back, and there are limits.

Therefore we are stalled in what we can do. We saw that play out with student accommodation investment, for example.