AHBRA Opening Statement to the Committee of Public Accounts

Chair and members, thank you for the invitation to attend. We welcome the opportunity to discuss AHBRA’s role, our ongoing work in relation to the Peter McVerry Trust (‘the Trust’), and the actions taken to protect tenants and public investment.

I should note that AHBRA has a number of ongoing regulatory processes, which limit what we can say in certain areas, but we will share as much information as possible.

Investigation Timeline and Findings

Serious concerns about the Trust emerged in July 2023. We began a statutory investigation in October of that year, carried out by inspectors appointed under the Housing (Regulation of Approved Housing Bodies) Act 2019, and in December 2024 we published their report.

The investigation focused on the Trust’s control systems and decision-making between January 2022 and August 2023. It was directed at organisational practices, not at the conduct of any individual.

The inspectors found serious and systemic failings in governance, financial management, internal controls, and the handling of conflicts of interest. The internal checks and balances were not working. There was poor cash-flow management, limited board challenge, weak financial reporting, and a lack of understanding of its liabilities.

These weaknesses directly contributed to the Trust’s liquidity crisis and the need for exceptional State funding. The C&AG report and this Committee’s earlier discussions highlighted that capital funding had been used to cover day-to-day costs and that significant liabilities had built up. Our inspectors confirmed that weak internal controls and poor financial oversight allowed this to happen.

Monitoring and Regulatory Actions

To protect tenants and bring the organisation into compliance as quickly as possible, we began a monitoring process to oversee the completion of clear, time-bound remedial actions. In February 2025, Crowe were appointed as independent experts to support this process.  

In July to drive progress, we issued a determination of non-compliance, requiring high-priority reforms across governance, finance, property and tenancy management. This included the publication of the 2023 accounts, completion of the asset and liability register and implementation of new rent collection policies. 

In September, AHBRA issued a statutory direction to underpin ongoing regulatory oversight, reinforce existing cooperation at board level and require prompt notification of significant events such as property disposals, governance changes or financial risks. 

The Trust has co-operated and progress has been made, particularly in recent months. The 2023 accounts are now complete, additional senior capacity has been added and new stronger financial controls are in place. Progress overall, however, has been slower than required and AHBRA continues to monitor as the Trust now strategically reviews its organisational model and ensures its systems and staffing match the organisation’s scale.

If material non-compliance persists, further escalation — including cancellation of registration — remains possible.

Strengthening Oversight Across the Sector

The weaknesses identified in the Trust occurred before AHBRA’s regulatory framework and data systems were fully operational.

Since then, AHBRA has developed a comprehensive, risk-based regulatory model. Through monitoring, formal assessments, notifiable-event reporting and strengthened collaboration with other regulators, funders and local authorities, we now have far better visibility across the sector and can intervene much earlier when issues arise.

An aligned approach between all oversight bodies is also critical both to the sector as a whole and in responding to the issues in the Trust. We continue to work closely with the Department of Housing, Local Government and Heritage, the Dublin Region Homeless Executive, and the Charities Regulator. This joined-up approach across oversight bodies helps identify and manage risks early, protecting tenants and public investment.

About AHBRA and the Sector

AHBRA is the independent regulator for Approved Housing Bodies, established under the Housing (Regulation of Approved Housing Bodies) Act 2019.

Our role is to protect tenants, safeguard public investment, and ensure that AHBs are well governed, financially sound, and delivering quality homes.

At the end of 2024, there were 438 registered AHBs managing nearly 68,000 homes, with combined income of €1.95 billion, €9.8 billion in assets, and €8.6 billion in liabilities.

The nine largest AHBs, including the Trust, manage about 73 per cent of all dwellings. Around a third of AHBs in the sector plan to expand in the next three years. As the sector grows in scale and complexity, our oversight is deepening to match.

Conclusion

The issues at the Peter McVerry Trust were serious and regrettable, diverting attention from the organisation’s important work with vulnerable people. They underline the need for strong governance, sound financial management and the importance of ensuring that the organisation’s social mission is matched by the capacity and capability required to deliver it.

The Approved Housing Body sector remains a vital part of Ireland’s housing system. AHBRA’s role is to set standards, provide independent oversight and intervene where necessary to protect tenants and public investment.

That remains our focus.