It's a good news story for the HEA, which is to gain increased devolved authority under the terms of the initiative.

In the past, third-level institutions have experienced long delays awaiting Department of Finance approval for capital projects.

The Department of Finance has, in effect, had a veto on these projects, even though the funding has come out of the Department of Education and Science allocation. A devolution scheme is to be agreed by the Departments of Finance and Education and Science by the end of January. Under the scheme, the HEA will be authorised to make payments to third-level institutions for programmes selected by the international assessment panel. This will help to speed up payments for new projects.

Since the research initiative is open to all third-level colleges including the institutes of technology around the State, the relationship between the HEA and the ITs is set to develop a new dimension.

The HEA was set up by statute to fund the universities and a number of designated institutions and to develop third-level education.