Commissioners for the Reduction of the National Debt - Investment Accounts
Northern Ireland Courts and Tribunals Service Investment Account
The Judicature (Northern Ireland) Act 1978 created a unified court service in Northern Ireland (the Northern Ireland Court Service, today known as the Northern Ireland Courts and Tribunals Service). The Act contained a provision to enable funds in court to be transferred to the Commissioners for investment.
The Northern Ireland Courts and Tribunals Service Investment Account backs the deposit and investment accounts available for suitors' funds. Interest is paid on these accounts at rates fixed by the Department of Justice Northern Ireland with the consent of the Department for Finance and Personnel.
Regular meetings or conference calls are held between CRND and the Northern Ireland Courts and Tribunals Service to discuss the Fund's investment policy. The current objectives of the Fund are to maintain sufficient liquidity to meet withdrawals whilst producing sufficient income to cover interest paid to suitors and, where possible, the management expenses of the Service and CRND.
Section 39(2) of the Administration of Justice Act 1982, as amended by devolution legislation, requires surplus interest to be paid into the Northern Ireland Consolidated Fund, Section 39(3) of the Act provides for any deficiency of interest to be made good out of the Consolidated Fund and Section 39(5) provides a guarantee by the Consolidated Fund of the capital due to suitors.