Matt Shanahan (Waterford, Independent)
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1006. To ask the Minister for Education and Skills if he will detail the arrangements with respect to the €5 million in emergency funding provided to IT Tralee in 2019/2020; and if he will make a statement on the matter. [12718/23]

Simon Harris (Wicklow, Fine Gael)
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As the Deputy is aware, an emergency once off and repayable funding allocation of €5m was provided to the Institute of Technology Tralee (IT Tralee) by the HEA and Department in 2019.

Serious cash-flow difficulties emerged in the Institute and it was identified in 2018 that the Institute would need additional funding and a series of cost saving measures to ensure its sustainable future. The once off and repayable funding was provided in 2019 to ensure immediate stability of the college and predicated on the completion of the financial sustainability plan for the college. The provision of emergency funding was essential to maintain current services at the Institute.

In April 2020, the HEA approved the Institute’s sustainability plan prepared with the assistance of Deloitte consultants and submitted it to the Department for consideration and progression. The plan includes actions to reduce the cost base and increase income including from additional apprenticeship blocks, increasing student numbers and lifelong learning course uptake.

IT Tralee merged with Cork Institute of Technology (CIT) to form Munster Technological University (MTU) from 1st January 2021.

A repayment schedule has been put in place between DFHERIS, the HEA and MTU to enable repayments on the €5m loan to commence in May 2024.