There are major concerns over the future of up to 10 of the country’s 14 institutes of technology due to financial issues and dwindling cash reserves, according to a major review of the sector.

According to this morning’s Irish Times, a review by the Higher Education Authority has found that six institutes of technology are vulnerable and face immediate sustainability challenges. Those institutes are Galway-Mayo IT, Letterkenny, Tralee, Waterford, Dundalk and Cork.

There are also concerns over risks facing the institutes of technology in Athlone, Limerick, Tallagh and Dublin due to current or projected deficits or limited financial reserves.

The total income per student across institutes of technology fell by more than 25% between 2008 and 2015 due to falling State grants and growing student numbers.

This is almost twice the scale of decline faced by universities and colleges.

The 80-page review projects that the sector will face rising deficits over each of the next five years, with a real risk of cash running out for three institutes within the next two years.

GMIT’s campuses in Castlebar and Letterfrack are in debt to the tune of €2m and €700,000 respectively.

The report states that the HEA should consider whether these campuses are viable or whether increased funding should be made available to keep them running.