Business Irish

Friday 9 December 2016

Watchdog sought to monitor €1.5bn fund for vulnerable Wards of Court

Published 30/08/2015 | 02:30

The courts service has built up a fund worth €1.5bn which it holds on behalf of 19,500 Wards of Court
The courts service has built up a fund worth €1.5bn which it holds on behalf of 19,500 Wards of Court

The courts service has built up a fund worth €1.5bn which it holds on behalf of 19,500 beneficiaries - Wards of Court, minors who were awarded damages and others - new documents reveal.

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Now it is seeking an investment advisor to give a second opinion on how the fund is invested, following fears that Wards of Courts were not being properly provided for. Wards of Court are minors or people with incapacities, of whom the courts decide to take guardianship.

Most of the money held on their behalf is invested in funds established by State Street Global Advisors in 2013.

The decision to seek independent financial advice follows a Public Accounts Committee examination of the treatment of Wards of Court. The Committee identified several whose funds will run out but who require lifelong care. It called for a review of the investment performance of the funds, which are held in trust for the Wards of Court. Some funds became depleted in the 2007 to 2009 period, as equities had to be sold in depressed market conditions.

Sunday Indo Business

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