Oireachtas Joint and Select Committees

Thursday, 22 June 2017

Public Accounts Committee

University College Cork and University of Limerick: Financial Statements

9:00 am

Mr. Diarmuid Collins:

When we are assessing an acquisition, we are really looking at the balance sheet position, which is a position that the IMI has incurred since inception in 1953. At that stage, we assess how the balance impacts UCC and the future beyond that. In the 2015 accounts, the IMI had a deficit. In 2014, there was a surplus. In 2013, there was a surplus. Accounts for 2016 are not completed yet. The key point is that the price we paid for the campus asset, which is 13 acres of an asset, was based on our independent valuation that was prepared for us by Lisney. It valued the campus-----