On 20 December 2023, the university referred to by the deputy informed the Higher Education Authority (HEA) of an operating deficit in relation to its 2022/23 financial year. The HEA has since had a number of engagements with the President of the university in relation to the matter, with the most recent meeting held on 28 March 2024.
The Deputy will be aware that oversight powers are vested in the HEA in accordance with provisions in the Higher Education Authority Act, 2022. There is agreement between the HEA and the university on the process to be undertaken to identify the cause of the issue and on ensuring a sustainable financial position. The HEA sought a detailed report on matters relating to this deficit, including a clear plan setting out the actions to position the university onto a clear trajectory of financial stability. This report has now been received and actions are in progress.
My officials are in regular contact with the HEA on this matter. Although they are still in the early stages of the process, the HEA has advised my officials that good progress is being made towards the university’s financial stability.
It is important that time and space is afforded to allow the university and the HEA to comprehensively review the issue and to put in place appropriate arrangements to address this matter.
