A fund has been established to fix thousands of homes affected by pyrite, Phil Hogan, the Minister for the Environment, Community and Local Government, has announced.
The fund, which is to be established immediately with €50 million from several banks, will be paid for by a levy on some insurance products and on quarrying.
It will mean that those whose homes are affected by the condition will not have to pay for repairs.
The average cost per home is some €45,000.
Pyrite is a naturally occurring mineral found in stone that was used in the construction of an estimated 12,500 homes and which can cause severe damage through cracking.
Announcing the formation of the Pyrite Resolution Board yesterday, Mr Hogan said: “Too many homeowners have been waiting for a solution to the pyrite problem . . . today marks a significant step towards resolution.”
According to research commissioned by the department some 850 homes are in urgent need of repair. An estimated 1,000 require remediation works while a further 10,000 homes in 74 estates have been identified as having pyrite.
