
Under the terms of the Indemnity Agreement reached between the State and 18 religious congregations dated the 5th June 2002 there is provision for a sum of €12.7 million to be used for former residents and their families to facilitate them in accessing programmes.
On 17th February 2006, Minister for Education and Science, Mary Hanafin TD, formally established the statutory body for the Education Finance Board/An Bord Airgeadais Oideachais as provided for in the Commission to Inquire into Child Abuse (Amendment) Act 2005.
Prior to the establishment of the Board some expenditure from the fund was undertaken by an Ad Hoc Committee which oversaw a parallel administrative scheme pending the enactment of the legislation.
The functions of the Board are:
The Board, appointed by the Minister, is independent in the performance of its functions and consists of a chairperson and eight ordinary members, four of whom are former residents of one or more of the institutions.
Chairperson - Richard Langford
Members - Inez Bailey, John Brennan, Christine Buckley, Jacqui Kavanagh, Brian Mooney, Michael O'Brien, Jacinta Stewart and Patrick Walsh.