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Dear All (and Mike!), Silly me - just goes to show how confusing all this is! What I meant to say to Mike was: if institutions are OVER-funded, I would expect HEFCE to take money from them (although they could also go for growth) - they would clearly not have to 'shed' students! And vice-versa for UNDER-funded - I would anticipate that they would be expected to reduce numbers rather than get any more money from HEFCE. One can imagine some potentially perverse behaviour as a result of this. Judy -- Judy Evans Head of Management Information London Metropolitan University London North Campus 166-220 Holloway Road London N7 8DB tel: 020 7133 2006 fax: 020 7133 2065 email: [log in to unmask]