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The Pyrite Remediation Scheme

Audit Id 1603727506693
Título The Pyrite Remediation Scheme
Tí tulo en el idioma original

The Pyrite Remediation Scheme


Año 2020

Housing, Property and Construction



Tipo de acción

Performed by single SAI

Descripción Pyrite is a common mineral found in certain types of rock that can swell and lead to structural problems in buildings. In mid-2011, Homebond, a provider of structural defect warranties, withdrew its guarantee for pyrite damaged houses on foot of a court decision on a case that held the supplier of construction material liable for damage caused by pyrite rather than the developer. In response, the Irish Government established the Pyrite Resolution Board (the ‘Board’) to direct and oversee the implementation of the Pyrite Remediation Scheme. The report assesses the progress achieved to the end of 2019 in dealing with the problem of pyrite used in home building up to 2014 and considers the cost of the scheme introduced to remedy that problem. To the end of 2019, a total of 2,548 valid applications have been received and remediation works have been completed on 1,890 homes at a cost of almost €126 million. The cost is expected to rise to an estimated €210 million by the end of 2023. There is no closing date for the scheme. The Board may recover costs from third parties and up to the end of 2019, just over €1.79 million was recouped from third parties. In addition, Homebond has provided services and staff to the value of €1.76 million.
During the course of pyrite remediation works, some structural defects not related to pyrite damage were identified. The Board estimates that the total cost of remediating non-pyrite related defects is approximately €954,000—Homebond’s contribution towards these costs amounted to just over €52,000 to the end of 2019. The Board estimates that the initial claim against Homebond is about €887,000.
The report recommends that robust processes to quantify the cost of remediating non-pyrite related damage is put in place and that procedures are put in place to ensure Homebond’s complete liability as agreed is monitored and recouped effectively.



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