Mr. Seamus McCarthy:

The governing authority decided in the context of the 2017-18 financial statements that having examined the business of the subsidiary, it was unlikely they would have the loans returned in full. They then made the provision. I understand that the subsidiary was established only in February 2016.

It has not been up and running for long. It was anticipated that it would take some time before it came into a situation where it made a surplus or a profit. It is fully consolidated into the university financial statements anyway, so the outgoing has already been taken and presented on the consolidated side. It is only a question of the position as between the university and subsidiary. I understand, as the Chair has said, that the committee has written to the university and it is really for the university to provide more detail on the matter. I have not presented a report on it. I drew attention to it. I am constrained in being able to say anything more about it at this stage.