Oireachtas Joint and Select Committees

Thursday, 13 July 2017

Public Accounts Committee

2015 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 22 - Courts Service

9:00 am

Mr. Seán Quigley:

It does not imply that. The Courts Service has an investment committee and independent investment advisers. We regularly review what is happening in the financial markets and what the requirements are for investment. We considered what happened during the financial crisis to see if anything was required. Fundamental strategies did not change. However, the measure brought in was the separate cash holding to ensure we do not sell equities when their value is down. That was the main area. I am not sure what the second risk measure the Deputy mentioned was. We are aware that claims have been made that funds were lost during the financial crisis. There is no evidence to support that. One must consider the performance of the funds. In spite of the financial crisis, which was the worst in living memory, our funds have averaged returns, net of fees, of 6% per annum and are currently yielding approximately 8.5% per annum net of fees.

Comments

No comments

Log in or join to post a public comment.