asked the Minister for Justice if he is aware that wards of court, who had moneys invested for them by the Chief Accountant of the High Court, found that when the moneys became available the total amount had decreased considerably owing to the fact that the stock in which the moneys were invested had reduced in value; and if he is prepared to make provision to have losses in such circumstances made up to wards of court.
Ceisteanna—Questions. Oral Answers. - Investment of Ward of Court Moneys.
57.
I am aware that owing to depreciation in the market value of fixed interest stocks, moneys invested by direction of the High Court have in some instances, when subsequently realised, fallen substantially short of the original investment. There are no funds at my disposal out of which it would be possible to make good losses of this kind.
Might I again remind the Minister of the Funds of Suitors? Would he not consider it to be our duty to protect our citizens? I am referring to infants whose money is invested by the court and who lose a substantial amount. Should some legislation not be introduced——
The Deputy may not advocate legislation——
The amount involved would be very considerable. I do not think there would be anything like the amount required left in the Funds of Suitors. I agree it is very unfortunate that these people should suffer losses in this way but I do not think anybody can be blamed. When the High Court directed the investment of the funds in particular stocks, these stocks were regarded by everybody at that time as giltedged. Subsequently, developments proved that that assumption was incorrect. Unfortunately, the persons concerned have had to bear the loss. I do not think this can arise again because, since the passing of the Trustee (Authorised Investments) Act, the court has much greater discretion about the stocks in which to invest these funds.
Would it not be possible to give relief, say, up to £1,000 in each case? I know that very often large sums may be involved. For the ordinary type of person who has won awards in court and whose money is taken over until he or she comes of age, the matter is serious. Would the Minister look into this?
I have looked at it very sympathetically from time to time and discussed it with the Minister for Finance. I do not think that any action along the lines suggested by the Deputy would be feasible. However, it is something which we can always keep in mind.
I shall send the Minister the particulars of this.