The Minister for Education says the HEA is liaising closely with Waterford IT and has agreed a financial plan to bring the institute back into a balanced budget.
The audited accounts for 2015/16 show WIT has a significant accumulated deficit of four point four million euro.
The draft accounts for last year and projections for next year continue to show an operating deficit which will further impact on the institute.
Minister Joe McHugh was reponding to a question from Waterford Deputy David Cullinane.
Meanwhile, the President of Waterford Institute of Technology says there needs to be a more sophisticated approach to investment in education.
Professor Willie Donnelly says they lost 25% of their funding between 2008 and 2010.
He says they would love to be in a position to double the number of students in some courses
Professor Donnelly also says they’re working hard to turn the institute around and address the deficit.