My Department has received a copy of the report and has noted its contents. In this regard, my Department has previously put on record its strong disagreement with the stance adopted by HomeBond in withdrawing, in August 2011, cover for pyrite- related damage to homeowners. Following publication of the Report of the Pyrite Panel (July 2012), my Department engaged in protracted discussions with the key stakeholders, including HomeBond, to try and put in place a framework within which the parties, which had been identified in the report as being responsible for the pyrite problem, could bring about a resolution for affected homeowners; regrettably, this did not prove possible.
HomeBond is a private limited company providing structural guarantees for new houses and, since November 2008, the HomeBond Insurance scheme is underwritten by Allianz Insurance. As is the case for any private company, its operations are a matter for its management and Board of Directors. My Department understands that HomeBond Insurance Services Ltd is regulated by the Central Bank of Ireland. As a private company, my Department has no role or function in its operations.
However, in the context of the pyrite remediation scheme, an agreement was reached between the Pyrite Resolution Board and HomeBond in June 2014 under which HomeBond has agreed to contribute technical and project management services to the Board to the value of €2 million. Such services include assisting in organising and managing the testing of dwellings and project management of remediation contracts. HomeBond has also agreed to make available to the Pyrite Resolution Board/Housing Agency the results of testing undertaken by it prior to the operation of the scheme.
As matters stand, over 730 applications have been received under the pyrite remediation scheme and the Board will continue to accept applications from homeowners, and will continue to remediate dwellings, subject to those applications meeting the eligibility criteria of the scheme.
