The purchase price was negotiated by UCD using expertise available to them. This follows normal practice in any such acquisitions by university authorities and the involvement of the Valuation Office did not arise.
The total expenditures involved were £11.7 million, of which the purchase price was £8 million. The additional funds provided were for equipment, upgrading and other costs not related to the purchase price. Towards this figure UCD provided £2 million from private sources and a further £1.75 million was available by way of refund of grant from the Mercy Order.
The question of making the facilities at Carysfort available to UCD has been in question since 1987 when a committee chaired by the then chairman of the Higher Education Authority recommended accordingly. This committee was set up in 1986 following the debacle of the closure.
Protracted discussions took place with the Mercy Order regarding the purchase of the premises and adjoining land. The negotiations eventually broke down because the asking price, and the timescale for consideration were unacceptable. I might add that price was considerably above the price negotiated by UCD.
Any decision to purchase Carysfort and the allocation of funds for that purpose are matters solely for Government. Naturally I kept the Government fully informed of developments regarding Carysfort at all stages, leading eventually to the decision to provide funds to UCD towards the purchase of the college.
I am satisfied that the purchase represents very good value for money. In addition to the teaching facilities, it provides UCD with further residential accommodation, dining facilities, a major sports hall and extensive acreage, all of which will contribute in time to major initiatives in the development of the UCD Business School.
Since I entered office there have been three separate Dáil adjournment debates — February 1989, July 1989 and May 1990 — on this issue. I spoke in all three debates. There was a common thread through the three debates — from the Opposition benches a sustained and clear request to keep Carysfort in educational use and from myself, on behalf of the Government, a recognition of the college as a valuable educational resource and reiteration of our wish to find the best formula for doing so.