Accounts were filed this week for the National College of Ireland (NCI), the third-level institution chaired by Denis O'Brien. His fellow directors include Peter McLoone, former general secretary of Impact and member of The Irish Times Trust, and Brendan McGinty, Ibec's former industrial relations chief.

The accounts reveal that 70 per cent of NCI’s €19.5 million income comes from private fees, while just 30 per cent comes from the State’s free fees initiative, which it says puts it at a disadvantage compared with other colleges.

The directors’ report also warns of an inevitable reduction in cash from the Higher Education Authority’s Springboard programme, which funds education for the unemployed. As the number of jobless declines, Springboard funding will need to be replaced by fee-paying students.

The college made a surplus of €1.3 million for the year to the end of last June, helped along by a donation of €300,000 from O’Brien, which is revealed in a note to the figures.