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Debt-free UNE plans for bright future

July 06, 2006

RobinsonPettigr.thumb.JPGThe University of New England entered a new era of development yesterday, making the final payment on a $26 million loan taken out 10 years ago.

The Vice-Chancellor, Professor Alan Pettigrew, said that UNE's settlement of the loan - 10 years to the day after entering into it - meant that the University was now debt-free.

"It's a significant advance," Professor Pettigrew said. "The interest payment on the loan was $1.4 million a year; now we can redirect those funds in the pursuit of new strategic goals."

UNE's Chief Financial Officer, Mr Adrian Robinson, said he was "delighted to announce the settlement of the loan". He explained that the University had borrowed the money to finance several major building projects, including the construction of the Information Technology and Ecosystem Management Buildings and the Livestock Industries Institute.

"We can now align our finances more closely with our strategic planning," Professor Pettigrew said, pointing out that the University was just entering into the process of developing its Strategic Plan for 2007-2010. "With this new financial flexibility," he continued, "we can move ahead – building on our considerable strengths in teaching and research, and expanding our role in regional development."

THE PHOTOGRAPH displayed here shows Mr Adrian Robinson (left) and Professor Alan Pettigrew discussing (and celebrating) the settlement of the loan.

Posted by Jim Scanlan at July 6, 2006 03:25 PM