Colleges to face penalties over financial irregularities

Colleges that make unauthorised payments to staff or make misleading or false financial reports could be hit with financial penalties from the end of this year, the Government has decided.

The measures are part of a funding overhaul aimed at making universities and institutes of technology more responsive to economic and societal needs.

However, while those who meet targets in those areas will be eligible for a greater share of public funding, they will also be expected to be more accountable for over €1bn of taxpayers’ money they receive annually.