Ireland: EIB confirms record education investment and announces EUR 70m for Trinity College Dublin

Teaching, research and student accommodation at Trinity College Dublin will be transformed over the next two years with the backing of a EUR 70 million long-term European Investment Bank (EIB) loan.  This will include the new Trinity Business School which is currently under construction, the development of campus student accommodation at Oisín House, and new premises for Trinity’s Institute of Population Health in Tallaght.  The 30 year loan from the world’s largest internationally owned public bank will be used by Trinity alongside other sources of financing, including philanthropic donations.

The European Investment Bank is the long-term lending institution of the European Union. Its priority is to support projects that make significant contribution to growth and employment in Europe. The EIB support was announced during a visit to Trinity College by Andrew McDowell, Vice President of the European Investment Bank where he was welcomed by Dr Patrick Prendergast, Provost of Trinity College Dublin.

Andrew McDowell, Vice President of the European Investment Bank said: “New investment to improve teaching, research and student facilities is essential to unlocking new ideas and scientific discoveries and the European Investment Bank is committed to supporting investment at leading universities across Europe. The loans being announced this week will strengthen research and learning across a broad range of disciplines at Trinity. It will ensure that Irish universities continue to be at the forefront of global research.”

Dr Patrick Prendergast, Provost of Trinity College Dublin said: “We are investing in educational and research facilities for the benefit of all our students and staff. This week Trinity joined the League of European Research Universities (LERU) Europe’s leading network of research intensive universities whose main focus is to build on the research and educational strengths of all its partners. Due to the current lack of funding of higher education in Ireland, the financing EIB has provided to Trinity has been crucial in our maintaining current and future standards. Without such support, quite frankly we would not have been able to progress with important flagship projects such as the Trinity Business School and Oisín House. Their support combined with important philanthropic fundraising are essential in building a better university for the benefit of all.”

The new student accommodation will cater for 250 students. It will also include a new student health service, disability service and sports facilities.

This is the second EIB loan received by Trinity. In 2008 it received a EUR 75 million loan for research investment at the University’s flagship Trinity Biomedical Sciences Institute.  It was the first university in Ireland to receive an EIB loan at the time.  In 2014 Trinity College went on to host a meeting of Irish University finance directors which led to EIB support for institutions across the country.

Minister for Education and Skills, Richard Bruton said: “University campuses will be greatly enhanced and improved thanks to EIB support.  The university sector and education sector in general is benefiting greatly from EIB’s support.  This week’s announcement comes ahead of the opening of the EIB’s first permanent representation in Ireland next month which will be another important step in strengthening activity  in Ireland.”

In addition to Trinity’s loan, UCC in Cork is being supported with a EUR 100 million loan bringing it to a total of EUR 170 million announced this week. The EIB has made record education lending in Ireland this year following EUR 200 million backing for school investment agreed last month.

Over the last five years the EIB has provided more than EUR 7 billion for investment in universities across Europe, including EUR 512 million in Ireland. Ireland is the fifth largest country of operation for European Investment Bank support for universities.