Professor Willie Donnelly:

The consolidation created a number, much of which is to do with the different ways that one would have accounted for a private company and a public company. The deficit presents a serious challenge for Waterford Institute of Technology to address. We have the largest number of first years - about 2,000 each year - entering any institute of technology. We have 8,000 full-time students. Our cost base is far too high with some 82% to 85% of our cost base being for staff. This is a major challenge for the institute given the cuts that are there. We have implemented a business plan and we have worked closely with the HEA. If the business plan does not work then we must revisit our cost base. We will have to look at retraining and redeployment of those staff.