Dáil Éireann díospóireacht -
Wednesday, 11 Nov 1998

Vol. 496 No. 4

Written Answers. - Trustee Investments.

Pat Carey

Ceist:

225 Mr. P. Carey asked the Minister for Finance if he will recommend to the courts that they seek the best possible return for minors in view of the very low return earned by court financial awards to minors from the financial institutions; and if he will make a statement on the matter. [23133/98]

Minister for Finance (Mr. McCreevy)

Section 3 of the Trustee (Authorised Investments) Act, 1958 provides that money under the control or subject to the order of any court may be invested in any of the investments specified in section 1 of that Act and shall not be invested in any other manner.

Section 2 of the Act gives the Minister for Finance power to vary by order the list of investments specified in section 1. I made an order 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.

Apart from the powers in relation to the designation of investments in which trust funds may be invested under the Trustee (Authorised Investments) Act, 1958, I have no other function in relation to the investment of court funds. However, I understand from the Minister for Justice, Equality and Law Reform that investment management is one of the issues recommended by the Courts Commission for the attention of the new Courts Service Board which is to be established shortly and that he intends to draw the attention of the board to this recommendation and will consider any views which the board adopts in relation to this matter.