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Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Is there still a question over its demolition?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Has it come up in executive committee meetings despite the fact one third of it is in use?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Therefore, we are in a new situation. Deputy Murphy is very welcome; I know she was held up. We were going to continue as four of us want to come back in and Deputy Murphy needs to come in. Some people have been here since before 9 a.m. so I will suspend the meeting for a very short break. We will resume in ten minutes sharp.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Deputy Catherine Murphy has ten minutes.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: I thank Deputy Murphy. I call Deputy Kelly. We will take five minutes each.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: The key point is that it was misrepresented as something different. We went through this area. It was 20 homes. All they had to do, as the Deputy said, was look at the auctioneer’s window or, as I said, check on the computer for the house prices in the area on any of the auctioneer sites. They would have found out that houses were selling for half the price the university paid. It...

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: It was misrepresentation.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Anything built in the past few years is A-rated. I have a question for the Higher Education Authority. The information supplied states that, on 30 July 2022, the governing authority approved a new policy for the acquisition of property, buildings, land and infrastructure. Following that meeting, a status update was provided to the HEA. At the same meeting, the governing authority was...

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Would that not raise red flags for the HEA?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: The HEA pressed the button to release the funding because of assurances given.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: I accept that Dr. Wall is saying that the HEA was told but did it go through a root-and-branch check to see that?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Was it implemented?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Did a member of staff go down there and say-----

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: In what way was the assurance given?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: On that basis, the pause button was released and out came another €3.7 million. With regard to the UL accounts, note 11 on page 80 of the financial statement shows that €8.2 million was spent on audit and professional fees. However, the breakdown of the audit fees totals €369,000 and the breakdown of the advisory fees is €3.8 million. That leaves €4.2...

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: It is not listed in the accounts.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: It is at page 80 of the accounts. I am asking what that €4.2 million was spent on.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Can Mr. Field give me a rough idea? It is not a small sum. What type of things was the €4.2 million spent on?

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: It has been listed under audit and professional fees.

Public Accounts Committee: Financial Statements 2022: University of Limerick (9 May 2024)

Brian Stanley: Will Mr. Field repeat what he said?

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