Dáil Éireann Debate, Thursday - 8 March 2018
629. Deputy Catherine Murphy asked the Minister for Housing, Planning and Local Government if the annual returns for approved housing bodies are provided to his Department; if so, the number in surplus; the surplus in 2016 and 2017; if the funds may be reinvested in new housing units; if so, if approval is required; and if he will make a statement on the matter. [10884/18]
Amharc ar fhreagraThe financial oversight of Approved Housing Bodies (AHB) is currently conducted through the Voluntary Regulation Code (VRC), Building for the Future: A Voluntary Regulation Code for Approved Housing Bodies in Ireland (2013), and the 2015 Financial Reporting Standard.
All the larger, Tier 3 AHBs comply with the Code and the financial standard, which is overseen by the Interim Regulation Committee (IRC), which is based in the Housing Agency. This arrangement is a prelude to the establishment of a statutory regulator to oversee the effective governance, financial management and performance of the AHB sector. My Department is currently drafting the legislation to set up this new statutory regime.
Annual financial returns for the larger and developing AHBs which are signed up to the Code are submitted to the Regulation Office which undertakes an assessment of the financial position of those AHBs. The 2016 assessment process for all AHBs is currently in progress. Financial Statements for year end-2017 for all AHBs (and companies) are not required by the Companies Registration Office until September 2018. The AHBs are private entities within their own right and therefore where a Body has an operating surplus, the Board of the AHB has the responsibility for oversight and decision-making powers on whether to re-invest in new housing and other financial decision.
