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Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: How much did it cost?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I presume the majority of the members had to travel from Cork.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: Why was a board meeting held in Dublin?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: Mr. Farrell might come back to us on the breakdown of the costs. While I respect the fact that the President of UCC, Professor O'Shea, is not long in the door, unfortunately the buck stops with him.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: What was the motivation behind spending such a large amount on the IMI? I listened to the earlier questioning and I will try not to overlap with it. Everyone knew the IMI was a basket case in the sense that it was in serious trouble financially. What competition did UCC have in buying the IMI? If it was such a good acquisition, who else was UCC competing with to buy it?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I am not being rude but as Deputy Connolly stated, we are caught for time. I ask Professor O'Shea to answer the question, please.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I want Professor O'Shea to give me the details.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: No, I asked a specific question and I ask Professor O'Shea to answer it, please.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: If it saves time, the witnesses should take notes when I ask questions as I do not have time to repeat myself. I asked who UCC was in competition with to buy the IMI? Was it in competition with anyone?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: There were other institutions. What types of institutions? Were any of the Dublin universities trying to buy the IMI? That is what I am trying to find out given that the IMI is on their doorstep.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I am just asking a general question. Were third level institutions in Dublin trying to buy the IMI given that it is on their doorstep?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I am not asking Professor O'Shea to name them but surely he would know if UCC was in competition with institutions in Dublin. It is a "Yes" or "No" answer. It is not a big deal but I would like to know the answer.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I understand. The knowledge that there are multiple bidders on a house will have an impact on the amount one is willing to pay. If nobody else was bidding on the IMI, surely that would have impacted on the bid of €21 million put forward?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I did not ask that. I do not know if there is a failure on my side or on Mr. Farrell's but I did not ask him to name anyone. I asked him to verify if he thought there were other third level institutions in the Dublin area bidding against his organisation for the IMI? It is a "Yes" or "No" answer. If it is "No", fine. Just tell us one way or the other.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I did not ask Mr. Farrell who they were but he understood there were other bidders. I asked him a very simple question so there is no point in one casting one's eyes to heaven. The alternative would have been to invest €21 million in the business school in Cork. I take an interest in UCC because I am a double graduate from there, I met my wife there and I made lots of friends there.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: Thanks.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I got it. I was alarmed when the Forfás report some years ago claimed that the business school in UCC was the worst in the country, effectively, and that is why I am breaking it down. In terms of putting €21 million into the IMI, which is a basket case, or spending the money on building up the business school in Cork, why was the decision made not to put it into Cork?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: I specifically ask the president of UCC to answer my question.

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: Why did UCC not build up the business school in Cork?

Public Accounts Committee: University College Cork and University of Limerick: Financial Statements (22 Jun 2017)

Alan Kelly: Addressing and building up the business school is the right thing to do.

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