Tom Clonan (Independent) | Oireachtas source

I move amendment No. 19:

In page 26, between lines 10 and 11, to insert the following: “(8B) Directions regarding the investment strategy to be followed by the decision-making representative in respect of assets owned by the relevant person.”.”.

There is a requirement for directions regarding the investment strategy to be followed by the decision-making representative in respect of assets owned by the relevant person. This is to address an important issue relating to people who require the assistance of the powers conferred by this legislation. For example, at present the wards of court office is responsible for more than €2 billion in funds owned by wards of court. One ward owns assets of approximately €72 million. With such large sums, it is essential that there is an independent and objective mechanism for ensuring that such funds and assets are invested appropriately by any decision-making representative. There is a requirement for the court to supervise such investments to help protect the assets. This will also give protection to the decision-making representative and thus reduce the concern of wider family members. It is to give that extra support to the decision-making representative who in many cases may not have the skill set to oversee, manage and direct such large sums and assets.