Written Answers. - Court Procedures.
Ruairí Quinn
Ceist:
374
Mr. Quinn
asked the
Minister for Justice, Equality and Law Reform
the options available to courts and court officers in investing moneys paid into court; his views on whether these options need to be expanded to the full range of financial instruments; and if he will make a statement on the matter.
[22619/98]
Ruairí Quinn
Ceist:
375
Mr. Quinn
asked the
Minister for Justice, Equality and Law Reform
if he will give detailed particulars as to the way in which the various courts and court officers in the State invest moneys paid into court; whether the practices in this regard yield the best returns; and if he will make a statement on the matter.
[22622/98]
Ruairí Quinn
Ceist:
376
Mr. Quinn
asked the
Minister for Justice, Equality and Law Reform
if he will seek the views of the Courts' Commission and the Courts' Service Board on whether any changes in law or practice or rules of court are required in relation to the manner in which the various courts and court officers in the State invest moneys paid into court; the options available in this regard; and if he will make a statement on the matter.
[22623/98]
I propose to take Questions Nos. 374 to 376, inclusive, together.
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. I understand that an order was made by the Minister for Finance under that provision on 9 February 1998 entitled the Trustee (Authorised Investments) Order, 1998. The order came into operation on 9 March 1998. The order replaces the previous list of investments in which trust funds may be invested with a new extended list. The new list 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 money 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 for making safe investments.
As to seeking the views of the Courts Commission and the Courts Service Board, the working group on a courts commission, in its third report, recommended that the Courts Service should establish a comprehensive financial structure for management of all financial affairs of the courts which would include an investment function. As the Deputy will be aware, the Government has responded positively to the recommendations in this report and recently put in place legislative provisions to facilitate the setting up of the Courts Service when enacting the Courts Service Act, 1998. I expect that the Courts Service will be formally established in 1999. I note that investment management is one of the issues the Commission recommends for attention by the Courts Service.
As the establishment of the Courts Service is envisaged shortly, I will draw to the attention of the Courts Service Board this recommendation of the commission and consider any views which the board adopts in relation to this issue.
