Dáil Éireann Debate, Tuesday - 20 September 2022
430. Deputy Matt Shanahan asked the Minister for Further and Higher Education, Research, Innovation and Science if he will provide a detailed schedule for each housing finance agency loan to Higher Education Authority-funded higher education institutions including the name of the project, institution, value, date of approval, and the number of bedrooms. [45502/22]
View answer431. Deputy Matt Shanahan asked the Minister for Further and Higher Education, Research, Innovation and Science if he will provide a detailed schedule for each Ireland strategic investment fund-loan to Higher Education Authority-funded higher education institutions including the name of the project, institution, value, and date of approval. [45503/22]
View answerI propose to take Questions Nos. 430 and 431 together.
Irish Universities have autonomy to borrow in their own name within a framework to be agreed with the HEA, the Dept of Finance and Dept of Public Expenditure and Reform. Section 38 of the Universities Act, 1997 states that:
( 1) A university may borrow money by means of bank overdraft or otherwise and may guarantee or underwrite a loan taken or borrowing undertaken by a person or a body of persons.
(2) Borrowing, guaranteeing and underwriting under subsection (1) shall be in accordance with a framework which shall be agreed from time to time between the universities and An tÚdarás, following consultation by An tÚdarás with the Minister for Public Expenditure and Reform and the Minister for Finance.
The intent of the framework is as follows:
- That a university can engage in borrowing, underwriting and guaranteeing activities provided that they impose no threat to, and do not create any contingent liabilities for, the public purse.
- To ensure that the capacity of a university to function effectively is not endangered.
- That advanced approval by An tÚdarás or the ministers, of individual instances of borrowing, underwriting or guaranteeing by a university would not be required.
University borrowing arising from fully self-financed or tax financed projects approved under the Finance Acts, are not subject to the borrowing limit established under this framework and may take place provided the servicing of those borrowings has no impact on the annual income of the University.
The HEA provided the below information, based on details available to the authority, in relation to University borrowing:
Total University borrowings at 30 September 2021 were €941,931,474 (The original value of these loans amounted to €1,034m) and included loans of €105,014,995 from the Housing Finance Agency and €20,860,478 from the Ireland Strategic Investment Fund.
There is no State guarantee or underwriting provided for these loans. Please find attached additional details of these loans by institution and lender (including Housing Finance Agency and Ireland Strategic Investment Fund). While universities are required to submit details of their Framework and non-Framework borrowings to the HEA on an annual basis, the HEA does not have details regarding name of the project, date of approval or number of bedrooms associated with any development.
|
- |
UCD |
UCC |
NUIG |
MU |
TCD |
UL |
DCU |
Total |
|
European Investment Bank |
€48,521,746 |
€97,722,613 |
€57,400,000 |
€65,648,179 |
€185,701,525 |
€83,823,530 |
€74,258,182 |
€613,075,775 |
|
Housing Finance Agency |
€86,839,292 |
€18,175,703 |
€105,014,995 |
|||||
|
Ireland Strategic Investment Fund |
€20,860,478 |
€20,860,478 |
||||||
|
Other |
€69,000 |
€58,176,297 |
€140,140,530 |
€4,594,399 |
€202,980,226 |
|||
|
Total Borrowings as at 30-09-2021 |
€135,430,038 |
€174,074,613 |
€57,400,000 |
€65,648,179 |
€325,842,055 |
€88,417,929 |
€95,118,660 |
€941,931,474 |
