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Wards of Court

Dáil Éireann Debate, Tuesday - 20 March 2018

Tuesday, 20 March 2018

Ceisteanna (355)

Clare Daly

Ceist:

355. Deputy Clare Daly asked the Minister for Justice and Equality if the Exchequer is obliged to make up the shortfall in circumstances in which there is a loss to the funds of wards of court. [12692/18]

Amharc ar fhreagra

Freagraí scríofa

As the Deputy will be aware, wardship funds are not public funds and are subject to the control and supervision of the High Court and the question of Exchequer intervention in the scenario suggested by the Deputy does not arise.

However, in order to be of assistance to the Deputy, I have had enquiries made and the Courts Service has informed me that it is standard procedure for funds of Wards of Court 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.

The Courts Service has advised that a conservative investment policy is being operated. 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.

The Courts Service has further advised that a prudent approach to investing court funds is adopted and takes only measured and appropriate risks, based on independent investment advice, in the best interests of all beneficiaries. The Courts Service has informed me that the independent review recently carried out by Mazars, and the review carried out by Aon Hewitt in 2016 as well as the annual independent external audits over many years found no evidence of negligence or mismanagement.

Question No. 356 answered with Question No. 290.
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