This was the first year college students from Northern Ireland were granted scholarships and the ceremony was attended by the Education Ministers from north and south, Catriona Ruane and Batt O'Keeffe, as well as President Mary McAleese, her husband Martin, and other dignitaries.

Mr McManus has donated €32 million over 10 years to keep high-achieving students from non fee-paying secondary schools in third level. Each of today's recipients receives €6750 per annum over their college years, meaning the value of today's 126 scholarships is around €3 million. Awards are based on Leaving Cert results from students who are exempt from paying the fee for the state exam.

"It was an idea we put together a few years ago and we thought we could possibly help because I think education is the future of our country," said Mr McManus.

"It is exciting for me, Noreen and our family that we can follow their progress with interest."

"We get letters from a lot of the students and they would bring a tear to your eye. Whatever satisfaction they get from receiving them, I get as much from being part of it," said the Limerick native, who also operates a similar scheme for students at his old school, CBS Sexton Street.

University president Prof Don Barry told the 126 students of Mr McManus that "whoever you meet in the course of your lives, he is one of a kind", while President McAleese paid tribute "a man who has achieved much in his life, not from selfishness or ego, but from the reverse, generosity and kindness".

"He has been a fantastic benefactor to education, the guy has always shown where his heart is," said Minister O'Keeffe.

Five Limerick students won JP McManus All Ireland Scholarships this Saturday. They are Stephen Hodnett from Pallaskenry (Colaiste Mhuire, Askeaton); Sinead McCarthy from Kilmallock (St Mary's in Charleville); Anton Salduskin (St Clement's College, Limerick) and city girls Patricia Pond (Laurel Hill) and Dawn Martin (Scoil Carmel).