Mr. Seamus McCarthy:

First, we have the accounts of the Market Cap Fund. This is a new fund, which was established on 17 November 2023. The accounting period covers from the date of establishment to 30 September 2024. That received a clear audit opinion.

No. 2 is the financial statements of InterTradeIreland, which is one of the North-South bodies. These are the financial statements for 2023. It received a clear audit opinion. However, I will just draw the committee's attention to the fact that the accounts were certified on 10 December 2024, but they were only presented on 24 June, so they were late. The committee's policy is to follow up with the Department concerned with regard to the late laying.

No. 3 is University College Cork for the period of account 2022-23. These received a clear audit opinion. However, I drew attention to a number of matters. First, I drew attention to €2.1 million of professional fees expenditure that was written off after the dental hospital and school construction project did not proceed to development. Second, I drew attention to weaknesses in financial oversight, which resulted in a deficit of €8.6 million for the year end September 2023 not being identified until December 2023.

That points to a weakness in its financial oversight systems. I also drew attention to a material level of procurement non-compliance. Finally, I drew attention to the resolution of a long-standing pension liability dispute between the university and the HEA where UCC received €3.225 million in December 2023, pursuant to a settlement agreement.

No. 4 is the University of Limerick’s financial statements for 2022-23. It received a clear audit opinion. However, I drew attention to an impairment of €8.269 million on properties acquired by the university in 2019 and 2023. I reported in a special report on that matter, but the financial statements took longer than expected to complete. No. 5 is the University of Limerick’s financial statements for 2023-24. It received a clear audit opinion.

No. 6 is the financial statements of An Foras Teanga, or the language body. This is one of the North-South bodies. These are the financial statements for the period of account 2022. It took a long time to get that set of financial statements produced. I signed the audit certificate on 24 September and I gave it a clear audit opinion. They are only being presented now, however, so it may be of interest to the committee to follow up to get an explanation for the further delay in presenting the financial statements.

No. 7 is Údarás na Gaeltachta. These are the financial statements for 2023. It received a clear audit opinion. Again, there is a similar delay from certification in December to presentation more than six months later. An explanation might be sought.

The remaining accounts and statements are all National Asset Management Agency subsidiaries. I can run through the names of them but they are all of the same nature. They all received a clear audit opinion. The groups' financial statements for the agency have already been presented and noted by the committee.