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Wards of Court

Dáil Éireann Debate, Wednesday - 28 March 2018

Wednesday, 28 March 2018

Ceisteanna (146)

Clare Daly

Ceist:

146. Deputy Clare Daly asked the Minister for Public Expenditure and Reform further to Parliamentary Question No. 87 of 28 February 2018, his plans to provide for public oversight of the auditing of the funds of wards of court in the absence of an amendment to the Comptroller and Auditor General (Amendment) Act 1993. [13634/18]

Amharc ar fhreagra

Freagraí scríofa

As the Deputy will be aware, wardship funds are not public funds but rather are funds subject to the control and supervision of the High Court. Arrangements for the oversight of such funds is, therefore, a matter for the Courts themselves as supported by the Courts Service.

The Courts Service has informed my colleague the Minister for Justice and Equality 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. The Courts Service has advised that there are substantial oversight arrangements in place in relation to the investment of funds of wards of court by the Courts.

Governance arrangements for the oversight of court funds were put in place following a comprehensive external review in 2001 carried out by Mercer Investment Consultants. One of the recommendations concerned the establishment of an Investment Committee. The investment expertise is provided by independent investment consultants, who are contracted to work with and support the Investment Committee in all its oversight and decision making functions.

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 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 also advised my Department 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 has not raised any significant issues of concern in relation to the management of wardship funds.

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