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

Seán Fleming: By UL?

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

Seán Fleming: Time.

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

Seán Fleming: We have to move on. We are on time.

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

Seán Fleming: I will call Deputy Connolly. I am sure Dr. Thorn is taking full note of what is being said here. He will look at the transcript. As Chairman of the committee, it is an extraordinarily disturbing situation, which the Committee of Public Account will have to deal with it in its own way, that information provided by a third level institution, the University of Limerick, is contradicted by...

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

Seán Fleming: Seven of the Deputy's minutes have passed.

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

Seán Fleming: I know.

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

Seán Fleming: I call Deputy Alan Kelly.

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

Seán Fleming: We are now in ten-minute slots and there will be second slots, if required.

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

Seán Fleming: Ten minutes have elapsed.

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

Seán Fleming: The point is well made.

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

Seán Fleming: Mr. Love has indicated that he wants to come in.

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

Seán Fleming: All the members have indicated for the first round. We will be coming back to second speakers. Before we move on to that, I want to take up the issue of the cost. I have difficulty with what I am hearing and I want to tease it out. Instead of looking at it from the bottom up, we will start from the top. Are the liabilities of UCC on the State's balance sheet?

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

Seán Fleming: No, UCC.

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

Seán Fleming: Could Mr. Brownlee just say that about EUROSTAT again?

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

Seán Fleming: In Ireland.

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

Seán Fleming: Is the Department of that view also? That is the current understanding of the situation. That is important. Had they been on the State's balance sheet, it would have changed it.

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

Seán Fleming: It is. Their consolidated accounts have been presented to us. A few phrases have been used in the course of this morning's meeting in particular. IMI is a 100%-owned subsidiary of UCC. It is part of the college. While it has a separate legal identity, it is part of UCC. If anything goes wrong there, is it ultimately UCC's problem because it is 100% the parent company. Is that agreed?...

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

Seán Fleming: They would be netted off.

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

Seán Fleming: When it comes to UCC's consolidated accounts, this movement of funds from the subsidiary in one part of the group to another is netted out of the accounts because it is internal within the group to start with. UCC says it has a new source of income, but it is moving from one part of the group to the other. The extra money is generated by the activities of IMI.

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

Seán Fleming: In the group, based on-----

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