Donna McGettigan (Clare, Sinn Fein)
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897. To ask the Minister for Education and Skills for information and details about a significant deficit of €8.4 million to the year end 31 August 2023, following a deficit in the prior year of €3.8 million, from Technological University Dublin; and if he will make a statement on the matter. [27579/25]

James Lawless (Kildare North, Fianna Fail)
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Technological University Dublin's (TU Dublin) audited financial statements for the 2022/2023 academic year ending 31/08/2023 were signed by the C&AG on 23rd December 2024 and showed a deficit of €8.4m for 2022/23 with a deficit in the prior period of account of €3.8m.

TU Dublin's financial statements for the most recent academic year 2023/24 are yet to be received by the Department. These financial statements are audited by the Comptroller and Auditor General (C&AG) each year, prior to being laid before the Houses of the Oireachtas. The HEA have confirmed to this Department that TU Dublin expects to report a lower deficit for the year ending 31/08/24.

TU Dublin is currently undergoing a Section 64 review process under the HEA Act 2022. TU Dublin was requested to prepare a Financial Recovery Plan to address the concerns raised by the HEA in relation to managing and controlling the financial deficit in TU Dublin. The HEA is continuing to engage with TU Dublin to ensure that the necessary actions are implemented to return the university to an operating surplus over the coming years.

The University confirmed in their accounts for year end 31 August 2023 that they have sufficient cash reserves to meet projected expenditures as they fall due for a period of 12 months from the approval of those financial statements.

Donna McGettigan (Clare, Sinn Fein)
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898. To ask the Minister for Education and Skills for the details he has on a bad debt provision of €371,000 from Atlantic Technological University (ATU) (details supplied); and if he will make a statement on the matter. [27580/25]

James Lawless (Kildare North, Fianna Fail)
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The issue of a bad debt provision was raised in the financial statements of Atlantic Technological University (ATU) for the year ending 31st August 2023.

The financial statements disclosed that the University provided for a bad debt of €371,000, in relation to patents and license fees due from a company in which it had a minority shareholding and which has subsequently gone into liquidation.

The Institute of Technology Sligo had a shareholding of 10.39% in Nektr Technologies, which transferred to the University on 1 April 2022. This company was formed in March 2018 to commercialise intellectual property owned by the Institute. Neither the Institute of Technology, Sligo nor the University had capitalised any sums in relation to this company or the Intellectual Property which formed the basis of the University's investment. There are no loans nor other financially enforceable obligations arising for the University as a result of this shareholding. No dividend has been received to date from Nektr Technologies.

Due to adverse trading conditions, the directors of Nektr Technologies appointed liquidators to the company on 20 December 2023. IT Sligo had not assigned any commercial value to the shareholding and consequently no loss in shareholding arises from the liquidation. However, a bad debt provision was made in the ATU accounts year ended 31st August 2023 of €371,000 which relates to patents and licence fees that had been paid and were due to be reimbursed by Nektr.