Dáil Éireann Debate, Wednesday - 20 September 2023
1087. Deputy Mairéad Farrell asked the Minister for Further and Higher Education, Research, Innovation and Science if he has enquired as to what the cause of the delay in the allocation of funding (details supplied); and what is currently being done with these funds. [40739/23]
View answerThe matter referred to by the deputy relates to EIB Loan Approval for capital works at UCC. Section 38 of the Universities Act, 1997 sets out the basis for borrowing and loan guarantees by universities. It provides for such borrowing in accordance with a framework agreed between the universities and the Higher Education Authority. The current borrowing framework provides for universities to engage in borrowing within agreed parameters including that such borrowings are in accordance with the objects and functions of the university and the university is able to meet the annual servicing costs without recourse to additional Exchequer funding.
As an autonomous body, it is a matter for UCC to prioritise its capital projects accordingly. There have been two rounds of capital funding made available to Higher Level Institutions under the Higher Education Strategic Investment Fund (HESIF) in the years since the loan approval was received by UCC. Each institute was permitted to submit one project per funding round and the Dental School would have been eligible for funding under HESIF. UCC has not chosen to submit the Dental School for consideration. However, UCC did lodge two successful applications in that time, one for the Business School and one for an upgrade to the Kane Building, projects which have received €50 million in direct exchequer funding from this Department .
