Sinn Féin TD and Chair of the Public Accounts Committee (PAC), Brian Stanley, has said that the Comptroller and Auditor General Special Report into the University of Limerick property acquisitions in Limerick city makes for a shocking read.

Teachta Stanley said:

“The University of Limerick has been before the Public Accounts Committee several times to try and explain what happened with the purchases of the former Dunnes Stores site in Limerick City and the purchase of housing to be used for student accommodation in Rhebogue.

“In both cases, proper due diligence was not done, key information was withheld from board members, and the purchase prices were massively inflated by one means or another at a cost of millions to the university and to the Irish taxpayer.

“The repeated assertions of loss of value or not value for money throughout the report is an indictment of disregard for proper planning and spending.

“The fact that The University has not yet determined how it intends to use the former Dunnes Stores site on Honan’s Quay in the medium to long term, is also of great concern to me, as it could mean a loss if they were to sell it, or we could be looking at a huge cost to bring the former retail building into use for educational purposes.

“The fact that the houses in Rhebogue were purchased significantly above what they should have cost at a time when there was a spotlight being shone on the University due to the former Dunnes Stores site purchase beggars belief.

“There should be accountability from the board and the Minister for Further and Higher Education, Research, Innovation and Science, Patrick O’Donovan, must ensure that there is accountability.

“The University of Limerick is due before the Public Accounts Committee again in October where we will question them on the findings of this report.

“I do hope there are no more revelations or surprises of financial mismanagement to come, because nobody that receives public funds can be allowed to operate the way they have been. Accountability is key and the taxpayers deserve nothing less.”