Mr. Seamus McCarthy:

It is the one college that has accepted that it controls its foundation. Even before this problem arose, this was accepted by Trinity. The university was fully consolidating the foundation in its financial statements. Usually in a situation where a foundation is operating, it receives moneys for specific purposes. It must deliver on those purposes because it has taken the money. The foundation had an obligation to protect that money until such time as it could be applied for the purposes. Therefore, the university has been obliged to find the funding from elsewhere in its resources to meet that loss.