Latest news with #IrishUniversities
Irish Times
10 hours ago
- Business
- Irish Times
DCU took in nearly €13m from its student accommodation last year
DCU took in €12.92 million from its student accommodation in 2024, down marginally on the €12.97 million made the year prior. The figures, reported by a subsidiary of the university to the Companies Registration Office , bring the total income generated by Irish universities from student accommodation to €126 million for the year. An analysis of the financial accounts for Ireland's main universities by The Irish Times showed the income from student accommodation has nearly doubled since 2015 as third-level institutions have hiked fees and invested in new accommodation blocks. Universities made €117.6 million from student accommodation in 2023. Excluding Dublin City University, which had not published its consolidated accounts, the figure for 2024 stood at €113.5 million made from their residences. READ MORE [ Minister wants exemptions to new rent rules to be considered for students sharing houses Opens in new window ] The publication of the accounts for the north-Dublin college's holding company subsidiary, DCU Educational Supports DAC shows that the sector-wide figure broke €120 million for the first time. The company operates the renting out of student residences on DCU campuses, runs language and translation services, and a series of other commercial services for the university. Its accounts show that DCU pocketed €12.92 million from their student accommodation in the year to September 2024. A spokesman for DCU said a significant portion of the revenue from its student residences is generated 'during the summer months, when undergraduate beds are not occupied, when we charge full commercial rates' to visiting students, academics and tourists. The college is planning to add an additional 405 new beds aided by Government funding. This came after plans to construct 1,240 beds had to be paused and eventually scaled back due to what, DCU chief operations officer, Declan Raftery described as 'escalating costs of construction' resulting in the development 'simply not being viable in the absence of support from Government'. Income at the university-owned company increased to €51.5 million in 2024, up 2 per cent from a year earlier. Costs of sales decreased by more than €850,000 to €16.37 million, but the savings were absorbed by significantly higher administrative costs which rose €3 million to €30.07 million. As a result, the company saw profits drop slightly from €4.17 million to €3.57 million. The main income sources for the company are DCU's student residences, which accounts for a quarter of its income, as well as English language teaching and translation services – €9 million, and construction services transfers of €8.8 million. The company reported income of €5.6 million from its catering services. Staff costs rose last year to €10.8 million, and the company made a donation to its parent company, Dublin City University, of €1,29 million in the year ending September 2024, having made a slightly larger the year prior, of €1.55 million.
Irish Times
11-06-2025
- Business
- Irish Times
The Irish Times view on AI and Ireland: the future will not wait
Artificial intelligence is no longer a distant concept confined to Silicon Valley or science fiction. It is here, now, reshaping economies, transforming industries and prompting governments to rethink everything from education and employment to ethics and regulation. The question Ireland must urgently confront is whether it is truly prepared for the scale and speed of change AI is set to unleash. There are reasons both for cautious optimism and concern. Ireland has long positioned itself as a European technology hub, hosting the headquarters of many of the world's leading tech firms. Government agencies are actively courting AI investment. Research centres in Irish universities are leaders in developing cutting-edge AI applications. The recent launch of an AI Skills programme by the Department of Enterprise, Trade and Employment signals a growing recognition of the need to upskill the workforce. But the evidence of the last decade also suggests that Irish regulators struggle to come to terms with the challenges posed by US tech companies which are not slow to wield their considerable political influence. The establishment of an Oireachtas Committee on Artificial Intelligence, which met for the first time this week, marks a step in deepening political and legislative engagement with the issue. The committee has the potential to initiate a broader public and legislative debate on AI policy that balances innovation with the safeguarding of democratic values and public interest. But for this to succeed, it will need to act in constructive coordination with education, enterprise and civil society. Because readiness is about more than strategy documents, it must reach into the heart of how we educate, train, and govern. Schools, for example, are already grappling with how to prepare students for a new world in which traditional educational metrics are no longer credible. The reformed Leaving Certificate, with its increased emphasis on project work, now faces an unexpected challenge: how to assess students fairly in a world where generative AI can produce plausible essays and design projects at the click of a button. READ MORE Equally urgent are the labour market implications. AI is set to displace roles in sectors ranging from transport and customer support to software development and legal services. Without a serious, joined-up national response, Ireland could face widening inequality, social dislocation and a growing digital divide. Nimble policymaking and innovative thinking are imperative. But this moment also requires political will and public investment. AI is not just a technological leap. It is a societal transformation. If Ireland is to thrive in this new age, it must act with speed, coherence and purpose. The future will not wait.
