Oireachtas Joint and Select Committees

Wednesday, 5 July 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Defective Block Redress: Redress Focus Group for Banking and Insurance

Ms Donna McDade:

Yes. I can outline some costs for the committee. When you think about the €420,000 cap, our engineer fees are coming in at just over €18,000. That has to come out of that €420,000. Rental and storage costs are €20,000 and that has to come out of the €420,000 cap.

The cost of demolition is not part of the rebuild and has to come out of the €420,000 cap. It cost us €53,000 to bring it up to sub-floor level, excluding VAT. That also has to come out of the rebuild cap. The VAT bill, which is 13.5% of the total cost of the build, is coming in at around €56,700. That has to come out of the €420,000. The total deduction for non-building work, before we even put a thermal block on the ground to start the rebuild, is €147,851.50. That has to be deducted from the €420,000.