Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Going back to 1962 in that seminal document, Investment in Education, and the opening of the first regional technical colleges in 1970, our institutes of technology, ITs, have been a linchpin of Ireland's economic and social development. They have provided thousands of graduates to industries across the regions and in Dublin in the life sciences, med tech, pharma, retail management, culinary skills, tourism, technology and the professions. A recent comprehensive and substantive report by the Higher Education Authority, HEA, into the financial capacity of the institutes provides very stark reading. The report highlights the necessity and imperative of investing in third level education, a critical aspect of our infrastructure which is key to future jobs and, especially, attracting inward investment and creating raw material in graduates for our indigenous enterprises. The HEA is saying the sector is on its knees financially.

Since 2008, there has been a 34% reduction in State funding and a 24% increase in the number of students. Since 2012, capital funding has decreased by 49%. These are extraordinary figures. Staffing levels are down 12%. There is an immediate cashflow crisis. Ten out of the 14 colleges are experiencing particular challenges, according to the report. In aggregate, the sector is in deficit and will remain in deficit for the next five years. There is a continuing ongoing major deficit in capital maintenance and renewal. What is striking is that, by the HEA's own admission, science and engineering, the STEM subjects in the institutes, have been disincentivised by the funding model. This has been going on for years and people have been asleep at the wheel regarding the sector and its capacity to contribute to our economy.

The report states that substantial capital investment is required immediately to meet the additional quality physical space needs. It particularly identified ICT and science as areas where inroads could be made if the necessary funding were provided, and it would reinforce the technological mission of the colleges. The budget was a missed opportunity. Peter Cassells spelled out the university and IT sector. For the future of the country, it is crucial that the Government gets to grips with it.

What is the Government's plan to deal with the crippling financial situation in which our ITs find themselves? How does the Taoiseach propose to create a new pathway for these institutes in the months ahead?

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