The Chair of the Oireachtas Public Accounts Committee has described a report by the Comptroller and Auditor General over the purchase of properties on two sites by the University of Limerick as "shocking".
The sites were purchased in 2019 and 2023 and in the report, the C&AG made a range of critical findings against procedures surrounding the purchases.
The C&AG has found that no formal valuation was done on the Honan's Quay site in Limerick city centre prior to its purchase in 2019.
In relation to the purchase of a number of houses at Rhebogue in Limerick in 2023, the C&AG found "no evidence of proper, objective appraisal of the options of the kind that should have been available to decision makers, including the Governing Authority members, when they were asked to approve the acquisition".
In a statement, PAC Chair and Sinn Féin TD Brian Stanley said that the report shows a "shocking disregard for taxpayers".
"The University of Limerick has been before the Public Accounts Committee several times to try and explain what happened with the purchases of the former Dunnes Stores site in Limerick City and the purchase of housing to be used for student accommodation in Rhebogue," he said.
"In both cases, proper due diligence was not done, key information was withheld from board members, and the purchase prices were massively inflated by one means or another at a cost of millions to the university and to the Irish taxpayer.
"The repeated assertions of loss of value or not value for money throughout the report is an indictment of disregard for proper planning and spending."
He called for accountability on the matter from Minister for Higher Education Patrick O'Donovan.
Meanwhile, the University of Limerick has said that it fully accepts the findings and recommendations in the report.
In a statement, Acting President Professor Shane Kilcommins said that he wanted to assure everyone- staff, students, and external stakeholders, including the state, that UL will implement these recommendations without delay.
Prof Kilcommins said the recommendations would be incorporated into the university's larger recovery plan.
"The report's findings are very disappointing and are an understandable cause for anger and upset amongst our community.
"These events should never have occurred, and the University has paid a considerable price both in financial terms, due to the impairments carried on our accounts from both transactions, and in reputational terms," he said.
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He said while the report makes for uncomfortable reading, it is welcome and assists UL in establishing the truth of what took place.
"There are no quick solutions to win back trust, achieving accountability will take time," he said but continued that "this institution will be restored to its correct standing in the eyes of our community and stakeholders."
Prof Kilcommins added UL had engaged deeply and extensively with the Comptroller and Auditor General for the report.
Minister for Higher Education Patrick O'Donovan has said that the findings of the report are "bad" and that it was not a good day for the University of Limerick or its history.
Speaking on RTÉ's Six One News, he said he was confident that based on the responses received from Prof Kilcommins and UL Chancellor Brigid Laffan, that the reputation of the university is restored.
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Local Sinn Féin TD Maurice Quinlivan said the findings in the report are "absolutely damning" and come as no surprise.
"UL are due before the Public Accounts Committee again next month. I hope that this time they come, they're open, they're not evasive like before.
"They need to restore the reputation here at UL. It's very damaging what's happening here to this fantastic facility which is massively important for the Midwest region."
Mr Quinlivan was critical of what he called the "lack of due diligence".
"The first time UL bought a property valued around €3 million for €8 million and then there was the houses bought in Rhebogue for double the price. I know the area very, very well.I live close enough to it. You can buy a house for half what UL paid.
"The fact that this happened a second time is scandalous. We're talking about a lot of taxpayers' money here's that has been wasted by and large. It could be put to a lot more use, especially in this university here."
