Section 13 of the Personal Injuries Assessment Board (Amendment) Act 2019, which came into effect on 3 April 2019, inserted a new section into the Personal Injuries Assessment Board Act 2003 that allows the Personal Injuries Assessment Board (PIAB), with the authorisation of the Minister for Business, Enterprise and Innovation and with the consent of the Minister for Public Expenditure and Reform, to retain a specified sum of money for the purposes of expenditure by the Board in the performance of its functions. The sum to be retained is to be determined having regard to the operational, capital and contingency costs of the Board.
The Department of Business, Enterprise and Innovation and The Personal Injuries Assessment Board are in the process of determining the level of reserves to be retained and will seek my consent in relation to the proposed sum. Any amount in excess of that level will be remitted to the Exchequer.
Pending the completion of this process, both the Department of Business, Enterprise and Innovation and PIAB were of the view that an interim sum of money should be remitted to the Exchequer and that Department has recently lodged to the Exchequer €9 million which it received from PIAB.