Following receipt of the pyrite report at the end of June 2012, I met with the key stakeholders, the Construction Industry Federation, Irish Concrete Federation, HomeBond, Irish Insurance Federation and the Irish Banking Federation, with a view to securing a voluntary industry led solution for homeowners. I asked the stakeholders to give urgent consideration to the relevant recommendations in the report and come back to me with their proposals by the end of September. I received responses from all of the stakeholders last week and the responses are currently being evaluated.
I have previously made clear that in the absence of workable solutions from the stakeholders, I will consider an imposed solution along the lines recommended in the pyrite report with regard to the establishment of a resolution board which could be funded by a levy placed on the construction-quarrying and related insurance sectors.
Following careful consideration of the responses from the stakeholders and reflecting on the recommendations in the pyrite report dealing with solutions for homeowners, I will bring proposals to Government as soon as possible to provide for a solution to the pyrite problem.