Mr. Diarmuid Collins:

We have to go back to 2010. Up to 2010, the university had its own pension fund which was professionally managed. In 2009-10, five of the universities with pension assets transferred that money to the State. There was a transfer to the Exchequer in 2010. Following that transfer, the asset moved into the Exchequer on the basis that future pension liabilities would be made good by the State. Up to then, pension lump sums, retirees and ongoing pension payments were funded by the university pension asset. Post-transfer, we gave away the €318 million and it went into the Exchequer. It was on the basis that future pension lumps sums and payments would be funded by the State.