Under section 23 of the Residential Institutions Redress Act 2002 a special account had to be set up on the date of establishment of the Residential Institutions Redress Board. The purpose of the special account is that it is to be used to pay awards made by the Residential Institutions Redress Board. The account is with the Paymaster General and is in the joint names of the Minister for Education and Science and the Minister for Finance.
The special account is currently funded by moneys received from CORI under the indemnity agreement. The initial amount lodged to this account was €5 million. The account will be closely monitored and additional funding will be provided as required.