Seán Haughey (Dublin North Central, Fianna Fail)
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Question 267: To ask the Minister for Education and Science the aims and objectives of the Education Finance Board; and if she will make a statement on the matter. [36783/06]

Mary Hanafin (Dún Laoghaire, Fianna Fail)
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The Indemnity Agreement concluded between the State and religious congregations in June 2002 provides for a fund of €12.7 million to be used by the State for educational programmes for former residents of institutions and their families. Pending the establishment of this fund on a statutory basis, my Department introduced an ad-hoc grants scheme for former residents and their families, which was administered by the National Office for Victims of Abuse (NOVA) between 2003 and 2006.

The Education Finance Board is a new statutory body which was set up under the Commission to Inquire into Child Abuse (Amendment) Act 2005 to replace this ad-hoc scheme. I formally established the Board on 17th February 2006 and appointed Mr Dick Langford, former CEO of City Of Cork VEC, as Chairperson along with 8 other Board members, four of whom are former residents.

After deducting some €2.5 million expenditure incurred under the ad-hoc scheme and allowing for interest of some €0.75 million, the Education Finance Board had a net fund of approximately €11 million at its disposal on establishment. This money is being managed by the National Treasury Management Agency on behalf of the Board.

The functions of the Board are laid down in Section 25 of the Commission to Inquire into Child Abuse (Amendment) Act 2005. The principal functions are:

(a) to pay grants to former residents of institutions and their relatives to assist them in availing of educational services:

(b) to determine and publish the criteria by reference to which it will make decisions on applications for the payment of such grants, and

(c) to make available to the persons aforesaid information in relation to the educational services in respect of which grants are payable.