Economy Minister Dr Caoimhe Archibald has announced an additional £400,000 of annual funding for each of the north’s University Colleges – St Mary’s and Stranmillis.

Professor Peter Finn, Principal of St Mary’s University College, said: “At St Mary’s University College, we are delighted with the announcement that the Economy Minister, Dr Caoimhe Archibald MLA, has provided  an £800,000 funding boost for ourselves and Stranmillis University College.

The Minister has recognised that our relatively small size and specialist nature requires such a boost after many years of austerity. The additional £400,000 funding annually to St Mary’s explicitly endorses the value of  our work in both education and community engagement.

It’s a very positive development at the start of the College’s 125th anniversary year. We thank the Minister and all those who contributed to this decision.

At a personal level, I also thank Paul Maskey MP, who has worked with me for over a decade to secure the long-term future of St Mary’s.”

Economy Minister Dr Caoimhe Archibald commented: “St Mary’s and Stranmillis University Colleges make a huge contribution to our society. During the current academic year, my Department will provide funding for over 1,160 student teachers at the institutions, which also deliver other courses, high quality research and educational resources. In addition, they play a very positive role in their local communities, such as St Mary’s hosting events throughout the year in partnership with Féile, and Stranmillis through engagement with public lectures and provision of lifelong learning.

“Like all public services, both institutions are under significant financial pressure. Their small size makes it particularly challenging for them to make efficiencies. In order to support their long-term sustainability, I have decided to provide this annual additional funding to St Mary’s and Stranmillis, which equates to 33% of the premia paid in recognition of their small and specialist nature.”

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