€900m boost for third-level institutions

THERE is to be a major increase in third-level funding as well as the creation of a new “fourth level” of learning as part of a strategy to ensure a skilled and well-educated workforce.

Finance Minister Brian Cowen also outlined a funding system designed to bring about greater co-operation between all third-level institutions, saying it made no sense for colleges to be competing with each other.

Capital funding of €900 million will be made available to the third-level sector over the next five years. Of this, €630m will come from the exchequer, with €270m in Public Private Partnership funding.