Accountant of the Courts of Justice - Investment of court funds

Shortly after its establishment, the Courts Service carried out a major review of the arrangements for the management and investment of funds held in trust by the Courts on behalf of Minors and Wards of Court funds. This review was facilitated by the National Treasury Management Agency and Mercer Investment Consulting. Arising from this review the Board of the Service approved the implementation of new arrangements, which has seen the appointment of dedicated fund managers (Bank of Ireland Asset Management and State Street Global Advisors), independent investment advisors (Mercer Investment Consulting) together with the implementation of a modern funds accounting system and procedures.

Over the past two years the new arrangements have been fully implemented for High Court funds and now following the approval of changes to Rules of Court for the Circuit and District Courts these new arrangements will come into effect for funds in these jurisdictions as well.

With effect from the 11th January 2006 new cases in the Circuit and District Courts that result in awards to Minors / Wards will have those funds managed and invested in accordance with the new arrangements. In essence this means that these funds will be invested centrally in the new investment funds rather than locally as has been the case previously. In due course funds relating to cases already dealt with by the Courts and invested locally will also be transferred to the new investment funds.

The Presidents of both the Circuit and District Courts have issued Orders enabling the provisions in the revised court rules to come into effect from 11th January 2006.

Below are copies of the Procedures for the lodgement of funds for new Minor / Ward cases.

If you have any queries with regard to this matter please do not hesitate to contact our office by email on accountantsoffice@courts.ie or by telephone on 01 888 6743.

The Accountant of the Courts of Justice
9th January 2006

Circuit Court Procedures for the lodgment of new Minor/Wards funds in the Accounts Office.doc

District Court Procedures for take on of new minor ward cases in the accounts office.doc