Vol. 504 No. 7
314 Mr. J. O'Keeffe asked the Minister for Justice, Equality and Law Reform the investment policy of the Office of Wards of Court; the restrictions on investments; and if he has satisfied himself that sufficient resources are available to the office to enable it to make the best investment decisions on behalf of those whose affairs are entrusted to its care. [12898/99]
The Trustee (Authorised Investments) Act, 1958 provides for the designation of investments in which trust funds, including money under the control or subject to the order of any court, may be invested. Section 2 of the Act of 1958 provides that the Minister for Finance may by order vary by addition or deletion the investments in which trust funds may be invested. A new list of investments in which trust funds may be invested was set out in the Trustee (Authorised Investments) Order 1998. It contains general categories of securities, deposits, collective investment schemes, life assurance contracts and equities.
It is a matter for a court to decide, within the provisions of the Act of 1958 and any order made thereunder by the Minister for Finance, the appropriate investment in respect of any moneys under its control. I have no function in the matter. I understand, however, that while courts seek to get the best possible return on investments they are also very conscious of the need to make safe investments. I also understand that the Registrar of Wards of Court, when making investment decisions in respect of a ward, invites recommendations from the Committee of the Estate of the Ward.
The working group on a courts commission recommended, in their third report, that the courts service should establish a comprehensive financial structure for management of all financial affairs of the courts, which would include investment management. I expect to be in a position to make the necessary order formally establishing the courts service later this year and I will bring to the attention of the board the issue of investment policy.
The Deputy will be aware that I have recently provided additional resources for this office to meet work backlogs. I expect that the question of resources for this office will also be reviewed by the incoming board in the light of its assessment of requirements for the office.
