asked the Minister for Justice if he will state the rules governing the investment by the courts of moneys awarded to minors as damages and lodged with the courts until the recipient of the damages comes of age.
140.
Ceisteanna—Questions. Oral Answers. - Investment of Minors' Moneys.
139.
asked the Minister for Justice whether, when the courts are investing moneys lodged with them until the person to whom the money has been awarded comes of age, there is any limitation on the securities in which such money may be invested; and, if so, what limitation.
141.
asked the Minister for Justice whether the courts may invest money lodged with them, until the person to whom the money was awarded comes of age, in British securities and, in particular, in British War Loan; and, if not, at what date this practice ceased.
142.
asked the Minister for Justice whether, in the case where the courts have invested money lodged with them on behalf of a minor and these investments have very considerably depreciated in value by the time the minor comes of age, the person in question has any redress against the courts for any mismanagement of his money, and for the fact that he receives considerably less damages than he was originally awarded.
With your permission, a Cheann Comhairle, I propose to take Questions Nos. 139 to 142 together.
The investment of Court moneys, including moneys awarded to minors, is governed by section 3 of the Trustee (Authorised Investment) Act, 1958, which prescribes the sole investments in which such moneys may be invested.
Among these investments are British Government securities inscribed or registered in the State, which include British War Loan. I understand, however, that in practice no investments have been made in British War Loan for a number of years.
With regard to the point whether there is any redress against a Court in respect of loss through depreciation in the market value of such investments, I understand that there is no redress in law in such a situation.