Ms Angela Denning:

I will deal with the question of the investments. At the moment, we manage €2.499 billion on behalf of wards of court, but that will reduce to about €1 billion. A total of €1 billion belongs to minor wards and the €1.499 billion belongs to adult wards. The funds are managed by the accountant of the Courts of Justice and are held in the control of the courts. It is not the committee that invests the money. There is a very complex and tight governance arrangement. I might send in a note on that.

There is an investment committee that supervises the types of funds that are available. Depending on the duration the money will be in court, it is invested in one type of fund or another. At the moment, we have reduced from seven funds to four. Three of those funds are for minor wards and then, effectively, we have a cash fund for adult wards because they are going to be discharged. A decision was taken in 2021 to de-risk that money, so funds that would have been in a long-term fund were moved across, with a view to people being discharged. This means they are not subject to the vagaries of the market at the time of discharge.

The exit charges are standard exit charges when selling units in funds. That is where this comes in. We have a fairly low fee. It is not a maintenance fee, but there are fees payable to the accountant at various points if money is invested or taken out. It works out at 0.3%. I will include in the note the management fees associated with the management of the funds at the moment.