Caranua, the Residential Institutions Statutory Fund Board, is an independent statutory body established pursuant to the Residential Institutions Statutory Fund Act 2012. The organisation's annual accounts, which it is required to prepare under section 31 of the 2012 Act, will set out the position in regard to its financial affairs. I understand that Caranua's 2013 accounts are currently being examined by the Comptroller and Auditor General. The levels of remuneration for the 10 staff employed by Caranua were set out in response to Parliamentary Question number 78 answered by my predecessor on 2nd July.
As the Deputy will be aware it is intended that cash contributions, of up to €110m, offered by the religious congregations will be available to Caranua. To date, some €78.3m, comprising contributions from congregations and associated interest has been lodged to the special investment account opened by the National Treasury Management Agency (NTMA) in accordance with section 29 of the Residential Institution Statutory Act, 2012. Two congregations have yet to complete their contributions and I will be continuing to press them to give clear timeframes for the completion of their contributions with a view to ensuring that Caranua has access to the full €110 million committed to it for the benefit of former residents.
Responsibility for the management and investment of the funds available to Caranua rests with the NTMA in accordance with the 2012 Act.
