The High Court has jurisdiction in wards of court matters and management of the courts is the responsibility of the Courts Service, which is independent in exercising its functions under the Courts Service Act 1998.
As the Deputy may be aware, it is a matter for the presiding judge, who is, under the Constitution, independent in the exercise of their judicial functions, to determine the level of funding awarded in individual cases. As the Deputy may also be aware, wardship funds are not public funds. The funds of a person who is taken into wardship move into the custody and supervision of the High Court which then holds and invests those funds as appropriate for the benefit of the ward.
However, in order to be of assistance to the Deputy, I have had enquiries made and the Courts Service has advised that the management of court funds by the Courts Service is sensitive to, and takes full account of, the needs of the wards of court in the management and investment of the available funds. The Courts Service has further advised that the Wards of Court Office appoints a case officer for each ward of court when the person is brought into wardship who meets with the committee appointed by the President of the High Court and liaises with that committee throughout the wardship to ensure that the care and monetary needs of the ward are met taking into account the initial award.
It is standard procedure for funds of the ward to be brought under the custody of the court for investment by the Accountant of the Courts of Justice in accordance with the directions of the President of the High Court and the Registrar of the Office of Wards of Court. Investment of court funds is carried out in line with the strategies devised and reviewed on a regular basis by the Investment Committee, chaired by the President of the High Court.
The Investment Committee reviews the investment strategies with the assistance of its investment advisors to ensure the protection and suitable investment of funds of wards, minors and others lodged in court for the benefit of those persons. Investment policies and orders made thereunder must be in accordance with the Trustee (Authorised Investments) Act 1958. This procedure was examined and approved by the court in the case entitled "In the Matter of M. H., a Ward of Court" [2011] IEHC 129.
The Courts Service has informed me that a conservative investment policy is followed. When deciding where and how to invest court funds, the overriding objective is the achievement of an optimal total financial return having regard to the need for liquidity and capital security, taking account of income generation and capital growth requirements. Where there is a requirement to generate a higher return to sustain the value of the funds for the longest period possible, such funds are invested in longer term growth and income generating strategies.
Finally, I am delighted to inform the Deputy that I have signed the Commencement Order bringing Parts 1, 2 and 3 of the Civil Liability (Amendment) Act 2017 into operation with effect from 1 October 2018. The Act, which allows courts the power to award periodic payments rather than a lump sum payment in cases of catastrophic injury, will provide much needed financial security to persons requiring lifelong care and assistance following a catastrophic injury. I believe that the availability of a periodic payment to catastrophically injured persons will ensure that they will receive the care and assistance they require for the rest of their lives.
