The Minister for the Environment, Community and Local Government has announced the establishment of a Pyrite Resolution Board. The board will oversee the remediation scheme for dwellings affected by pyritic heave.
It is proposed that the remediation scheme will be operated through a special purpose vehicle, funded initially by an upfront loan of €50 million from six banks/mortgage providers. The loan will be repaid from a mandatory levy that will be imposed on the quarrying and insurance sectors (though the insurance industry is resolutely opposed to such a levy). If necessary, the levy will be extended to cover required remedial works which have not been already identified.
Legislation supporting the levy is expected to be published in early 2013. Until then, it remains to be seen exactly how the levy will be imposed and whether or not it will affect the insurance industry.