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 and cannot direct HomeBond to take a particular course of action.
However, the Pyrite Resolution Board will continue to seek contributions from parties who may have a liability in respect of dwellings which are the subject of applications under the pyrite remediation scheme as those applications are progressed and the contracts for remediation works to affected homes are advanced.
