UCC Business School will proceed — President

Professor John O'Halloran told Cork business leaders the €106m city centre business school would go ahead

View of the planned UCC business school building.

UCC president Professor John O'Halloran said the finances of one of the country's oldest universities were fundamentally sound and plans to develop a new business school in the centre of the city will proceed.

Speaking to business leaders at the Cork Chamber Business Breakfast on Thursday, Prof O'Halloran said the €106m Cork University Business School would go ahead. 

UCC secured planning permission last year for the demolition of the former Brooks Haughton timber yard site — between Copley Street and South Terrace in the centre of Cork. 

The site clearance will make way for a new six-storey building to house the business school. It is expected the new building will accommodate up to 4,500 students and 225 staff, acting as a significant catalyst for the rejuvenation of the city centre.

The Irish Examiner reported last month that UCC had been forced to review all of its capital spending projects after recording an €11.2m deficit for the last financial year. 

It was confirmed last week the university has dropped plans to move the Cork University Dental School and Hospital to a new bigger site.

"There is a lot of challenges in the economy for capital in getting projects completed," Prof O'Halloran told the audience at The Kingsley Hotel. 

"It’s not possible to do everything but we are working together with the Government and the HEA [Higher Education Authority] to ensure we will deliver on those projects. 

"There will be some areas we won’t be able to do. We can’t do everything. The Dental Hospital is one at the moment. And maybe in time, we can do that. We provide a very good dental service. We want to continue to do that but there will remain to be challenges."

UCC president Professor John O'Halloran was the keynote speaker at the Cork Chamber Business Breakfast meeting at the Kingsley Hotel, Cork, on Thursday. Picture: David Creedon

"UCC is fundamentally sound in terms of finances. What I mean by that is that 2.5% of our income is in deficit at the moment. Why did that happen? We had a 5% growth in income and an 8% growth in costs.

"I think there is hardly a person in the room here today either in your family or in your business that hasn’t seen a growth in their costs We are not getting excited about that. We are working closing with the Higher Education Authority and the governing authority to resolve that issue."

Addressing the event, Prof O'Halloran spoke about the positive position globally that UCC holds being ranked the number one nursing and law school in the country. HE said UCC had a significant economic impact, generating almost €3m per day.

In relation to the funding of third-level education in Ireland, he referred to a 2022 Government report that identified a significant core funding shortfall.

"We want the Government to deliver on their commitment. We haven’t done the analysis. They have done the analysis. A €307m gap has been identified. For the whole sector, not just UCC and validated by the European Commission. So we are asking whoever is in Government to deliver on that commitment," he said.