Results 18,461-18,480 of 34,729 for speaker:Seán Fleming

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

Seán Fleming: -----its continuous-----

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

Seán Fleming: I want to tease this out so that we are clear when we come to our report. What caused confusion the last day was that when Deputy Cullinane and I both asked what it cost, Mr. Collins used the word "nothing".

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

Seán Fleming: That throws the public. I want to tease that out. UCC seems to have distinguished here today between the assets, as in the 13 acres for which the money was paid, and the IMI as a company, which cost the university nothing.

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

Seán Fleming: There was splitting of hairs, to use that phrase. When people talked about the IMI, the public's understanding was technically the company and the campus. However, Mr. Collins is saying the company cost nothing but the campus cost €20 million. What was in the company if there was none of these assets?

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

Seán Fleming: In other words, the university is telling us that IMI has done a Clerys job. It has taken all the assets out of the company and left the name. That is actually what the witnesses are telling me. The Irish Management Institute has done what I would call "a Clerys job" here. The wealth and assets of the organisation were taken to one side and the company was just a name. It is just like...

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

Seán Fleming: The accounts state that the State grant from the Department was €47 million and that €43 million of academic fees came through the HEA's student fee provision. Research was a significant source of income but State and semi-State companies provided €55 million of that. The EU provided €13 million of that. I am going from the university's accounts here. That is...

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

Seán Fleming: Why then did the college just not buy the company title of IMI in its own right and leave whoever owned the 13 acres to take the risk on the market value of that property to clear the other debts? Given that one was separated why did it need to get into the property hedging business, as I would call it? Why did it not just leave the property? It did not need it. It could have acquired the...

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

Seán Fleming: Talk us through why it decided to get into the property side of it.

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

Seán Fleming: For nothing.

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

Seán Fleming: You interpreted it as pensions only, but the question was not about that.

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

Seán Fleming: It acquired the assets separately.

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

Seán Fleming: I presume, Mr. Collins, you considered the option of buying the company and the brand and then leasing the premises for the purposes of your courses without taking on the capital commitment. Explain it for Deputy Connolly.

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

Seán Fleming: Why did UCC want to spend €20 million when it could have got the brand for nothing and lease the premises?

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

Seán Fleming: UCC effectively came in as a banking intermediary for the property debt and pension debt. It is all hinging on the value of assets and property. It was possible for it to get IMI as a company and a brand and even continue to use the premises on a lease basis without this €20 million relating to the property. However, because it had liabilities, UCC came in as a financier to clear...

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

Seán Fleming: One hundred percent.

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

Seán Fleming: Yes.

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

Seán Fleming: How many UCC people are on the board of this subsidiary?

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

Seán Fleming: It has majority control.

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

Seán Fleming: I suggest that we finish this session at voting time in the House. We have to deal with two other institutions.

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

Seán Fleming: Can we do five minute slots?