The Peter McVerry Trust has been condemned by the regulatory body that monitors Approved Housing Bodies for “significant breaches of regulatory standards” in an inspector’s report, reports RTE.
The Peter McVerry Trust has “inadequate controls and procedures” in place, according to the Approved Housing Bodies Regulatory Authority.
Fergal O’Leary, CEO of AHBRA, said: “This report highlights serious failings in governance, financial management, and conflict of interest handling within the Peter McVerry Trust.”
The results “underline the urgent need for robust reforms” in the Peter McVerry Trust, he added, reports RTE.
He stated that the trust “acknowledged the seriousness of the findings and has committed to undertaking a comprehensive programme of corrective actions to address the deficiencies” .
A number of issues about the Peter McVerry Trust’s financial management are addressed in the study.
The regulator’s investigators discovered that the group did not maintain a sufficient registry of its assets, reports RTE.
According to the study, “no one” in the organisation took ownership of keeping a registry.
The land was “not accurate” and “could not be relied upon to provide a fully comprehensive record of the fixed assets,” according to the report.
Additionally, it stated that the Peter McVerry Trust’s board “did not have appropriate oversight” over spending and procurement, reports RTE.
It claimed that the financial controls that should have been in place for purchases above €50,000 had not been put into effect.
It claimed that the board was not given enough information about the expenses that the Peter McVerry Trust had expended.
Potential conflicts were discovered with regard to some suppliers; however, these conflicts “were not declared by those potentially conflicted” to the organization’s board, reports RTE.
Additionally, it concluded that the board’s rules were “not adhered to” and that the sinking fund was not being used appropriately.
Over the following six to nine months, the AHBRA will choose an impartial specialist to supervise the Peter McVerry Trust’s changes.
The regulator stated that this will be “kept under review” and that it was not currently seeking to employ enforcement powers, reports RTE.
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