Dr. Colm O'Reardon:

That is correct. Before I begin, I thank the Deputy for his comments. They are appreciated and I agree with what he said.

Regarding TU Dublin specifically, I will rehearse the issue a little. I believe it arose in April when there was a meeting between TU Dublin and the HEA where it became clear that there was an accounting issue. There was also the issue of the university projecting a deficit of approximately €10 million. As the Deputy pointed out, TUs are not expected to have extensive borrowings, certainly not at this stage in their development.

There has been engagement between the HEA and TU Dublin on this issue under the terms of the new Act. Section 142 has been invoked, which means that the HEA is providing assistance to TU Dublin on the matter. The HEA commissioned a firm of accountants to look into it. The firm has produced a report. That report has gone to the HEA’s board, which has examined it, and will shortly go to the board of TU Dublin. I expect there will then be a restatement of the accounts. That is where the-----