Urgent: Peter McVerry Trust Wastes €172K on Uninhabitable Property

UPDATE: An explosive investigation reveals the Peter McVerry Trust, Ireland’s largest housing charity, wasted a staggering €172,000 renting a derelict property for over five years. This shocking misuse of funds, intended for the homeless, comes to light just as the charity attempts to recover from recent scandals involving poor financial oversight.

The investigation by Extra.ie shows that between July 1, 2017 and March 2023, the charity paid €2,500 monthly for a property in Limerick that was confirmed to be uninhabitable at the time of leasing. This scandal raises alarming questions about the regulatory oversight of the country’s Approved Housing Bodies (AHBs), which manage approximately €10 billion in assets.

In what appears to be a serious failure of governance, the charity, led by former CEO Pat Doyle, had signed a 20-year lease for the Limerick property despite its deplorable condition, with planning permission for renovations only sought in April 2022. A report describes the property as having “damp spots, leaking roofs, and fire damage,” clearly unsuitable for habitation.

This latest revelation is compounded by another undeclared property deal, where PMVT purchased a house in Athy, Co. Kildare, for €170,000 from head of IT Mark Durham without disclosing it as a related-party transaction. Both transactions went unnoticed during previous audits by the Charities Regulator, despite costing taxpayers over €400,000 combined.

As PMVT grapples with these financial misdeeds, officials express deep concern that this could lead to further scandals within the sector. The chair of the Dáil spending watchdog has voiced fears that “another Peter McVerry-style scandal may be lurking” among the more than 400 AHBs operating in Ireland.

The charity has admitted to the financial mismanagement that has resulted in a total of €15 million in taxpayer bailouts over the years. In a statement, PMVT confirmed the rental payments and expressed confusion as to why the lease was initially undertaken by the former CEO.

As authorities investigate further, the pressure mounts on the current leadership to rectify these governance failures and restore public trust. The ongoing fallout raises essential questions about transparency and accountability in the management of charity funds, especially in a sector critical to addressing the homelessness crisis.

Expect more updates as the Peter McVerry Trust responds to these troubling findings. The public is urged to stay informed as the situation develops.