Phil Hogan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

I share a lot of the concerns of Deputy Daly in regard to HomeBond. The fact it did not assist customers when they had problems with pyrite in their homes is disappointing. It is a private company which was set up in 1978 for the purpose of giving structural guarantees. Deputy Wallace will be familiar with its role, as will others who have been involved in the CIF. It did a reasonably good job for what it was set up to do initially.

However, when it came to pyrite it worked on the small print and did not come good in dealing with customers. It is a private company and I cannot confiscate its assets or money in its account. We are not in a communist state. We will not allow it to walk away from engaging with the process and dealing with its responsibilities to people who have pyrite in their homes.

I was not legally obliged to do anything, but I set up the independent pyrite panel and established the facts, rather than going on top of the head remarks about the vast numbers of people involved in the process. We established the facts in a very credible panel and have set up a process to help customers. I will make sure that, as far as is humanly possible and in as legal a manner as possible, the process set in place will help those people who regrettably have pyrite in their homes. HomeBond, which is a private company, will have to step up to the plate better than it has done to date.

See this speech in context