Jonathan O'Brien (Cork North Central, Sinn Fein)
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274. To ask the Minister for Education and Skills the amount of money transferred from the former Education Finance Board to the Residential Institutions Statutory Fund on the establishment day; if he will explain the way funds have been expended; and if he will make a statement on the matter. [40783/13]

Ruairi Quinn (Dublin South East, Labour)
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The Education Finance Board (EFB) was dissolved with effect from 29 March 2013 when I made an Order commencing Part 4 of the Residential Institutions Statutory Fund (RISF) Act 2012. I understand that the moneys remaining of the €12.7m available to the EFB amounted to less than €30,000 and that these funds will be used to meet the outstanding commitments of the EFB. In accordance with section 41 of the RISF Act, 2012 any amounts remaining in the EFB investment account will be transferred to the RISF investment account, following the laying of the final accounts of the dissolved EFB before the Houses of the Oireachtas.