Results 22,881-22,900 of 33,044 for speaker:Catherine Connolly
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Good. On page 39, it referred to CIT and UCC and other bodies. We were not satisfied that there was sufficient clarity between the university and various entities. What was Professor O'Shea's reaction to that? What steps did UCC take in this regard?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: We referred to IMERC, which I understand has since been dissolved. Some of these relate to CIT, such as GAC Training and Services Solutions. UCC sold its interest in Infini-LED. We were making the general point that when we looked at the accounts that it was difficult for us to follow what return there was for the public, what governance structures were in place and who from the...
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: I am disappointed with the witness's opening statement. I am happy with the general gist of it, but it says on page 2 that "during 2016, UCC also sold its equity interest in a former spinout company, Infini-LED". We are given two sentences. It is not placed in context-----
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: I would have liked it placed in context in the witness's opening statement because it uses up time and it is a serious issue - not just for UCC but across the board with every institution that comes before us. I refer to spinout companies and the use of public facilities, public land and university resources. What is the return? Bald statements are being made that it is good for the...
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: It came from the Tyndall National Institute.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Is that a public body?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Is that on the campus in Cork?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: That is a 100% fully funded public body.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Did it set up a company?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Lovely, and-----
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: It was sold to a company called Oculus.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Oculus is owned by Facebook.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: I know. UCC sold its share.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: How was it decided to sell then? What was the process and what oversight was there that it was the right time to sell and get a good return?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: It was about 12%.
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Who were the other shareholders?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: I do not think we are going to get anywhere today. What I mean is Mr. Collins is saying something and at this point I have to accept it at face value. However, I do not. I want evidence that there is a return for the taxpayer in respect of spinout companies. I am not just referring to UCC and these witnesses. Everybody who has come before us has reassured us. However, when we went...
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Yes, there is a disclosure to tell us what it was sold for. However, in the context of what came back and what was sold in the first place, it was set up with 100% of public moneys under the Tyndall National Institute. The intellectual property - whatever that is - is developed and then it is sold on. We are then told it is a marvellous story, there was this return and 100 jobs. I do not...
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: Who was the biggest owner of that €10 million?
- Public Accounts Committee: Financial Statements 2016: Higher Education Authority, University College Cork and Cork Institute of Technology (24 May 2018)
Catherine Connolly: There was nobody in particular.