Oireachtas Joint and Select Committees

Wednesday, 11 October 2017

Joint Oireachtas Committee on Justice, Defence and Equality

Wards of Court: Discussion

9:00 am

Photo of Caoimhghín Ó CaoláinCaoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein) | Oireachtas source

I would like to ask a related question before I invite Mr. Quigley to respond. The figure I have mentioned is the net aggregate realised gain. There has been no mention at all of the actual realised losses that were incurred over the same period. We are not able to get that information. At least, I have not been able to get it. My understanding of the net position is that the aggregate of losses and gains happened to present a very small overall return on the significant moneys that were entrusted. Is information on the realised losses over the same period available? If it were, we could do the maths and work out the exact gains and losses. We have been given the net figure only in the information that has been released.

I have a further point to add to this tranche of questions. I understand very well the difference between "realised" and "unrealised". It is recorded that a temporary and unrealised loss of -34% was recorded in the case of a ward or wards invested in the spectrum growth fund. I know it was not realised. I know the situation has changed. If I were a parent or guardian of somebody, I would be alarmed to learn that such a huge potential loss - I emphasise the word "potential" - could have accrued over that period of time from the moneys entrusted for the maintenance and support of, and provision of services to, my loved one going into the future.

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