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Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: On that, could Mr. Ó Foghlú provide a rundown of what the funding streams are for institutes of technology? We know there is a core grant and we know there are fees. Those two are the big ones. What other forms of income do institutes of technology have at their disposal?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Research funding is one. What else is there?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: What else? Are there other income streams?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Are other one-off funding streams available to institutes of technology?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Of all the examples Mr. Ó Foghlú has given, one he left out is revenue from intellectual property and spin-out companies. Is that not a revenue stream?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Could Mr. Ó Foghlú talk me through how that works in policy terms?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: How is an institute of technology protected in terms of intellectual property? I note that there is a national protocol. I ask Mr. Ó Foghlú to talk me through that first.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Then there is co-location of private companies in institutes of technology, is there not? There are private companies in respect of which there is an element of vulture fund funding, there are, perhaps, researchers or staff in institutes who are part of those companies and then there are spin-out companies.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: The aspects to which I have just referred are there, though. I am not saying they could be there. They are there.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: There could then be spin-out companies in respect of which there would be a combination of funding from vulture funds and they would perhaps have an equity in the company. There could be researchers or academics in institutes who would also be directors and shareholders and then there would be the institute itself, which would be a shareholder. What level of protections is in place to make...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Yes.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: That is a matter of opinion.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: How are the institutes protected?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: I have all of that.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Would Mr. Ó Foghlú draw a distinction between researchers and, for example, heads of departments or people who would have a governance or management role in institutes or universities and individuals in those positions having an interest in being either directors or shareholders in these companies? Obviously, if one is in a management or executive position, one has a function and a...

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Where would the buck stop in the case of an institute of technology?

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: With the president. I will stop Mr. Ó Foghlú there.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: The buck stops with the president.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Exactly.

Public Accounts Committee: 2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 26 - Education and Skills
(23 Mar 2017)

David Cullinane: Would there be any instances where a president of an institute would also be a shareholder or a director in some of these companies?

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