UCC now €50m in red as debt doubles

UNIVERSITY College Cork has a “serious imbalance” in its finances as its deficit hit €50 million, TDs heard yesterday.

Members of the powerful Dáil Public Accounts Committee (PAC) expressed concern at the way the institution’s shortfall has been allowed to more than double in the past three years.

UCC President Gerard Wrixon revealed it was “fair to say” the capital and current debts had now reached around €50m - up from €21m in September 2002 and €42m at the end of last year.