Ruairi Quinn (Dublin South East, Labour) | Oireachtas source

My Department has not carried out an assessment of the indebtedness or otherwise of primary schools. The finances of recognised primary schools are a matter for the boards of management of these schools. Boards should budget in such a way as to enable them to meet their commitments and their expenditure should not exceed their income. Overdrafts or other forms of debt or excesses of expenditure over income must be approved by the patron, in conjunction with trustees where required, and should be avoided except for limited periods and where the board is satisfied that the overdraft or debt can be cleared by the board. The running costs of recognised primary schools are not budgeted for individually by the Department. It would not be feasible to grant aid over 3,300 schools in this way. The running costs of these schools are met by my Departments schemes of capitation and ancillary services grants.

See this speech in context