SVP hit by €37m loss over devalued property

One of Ireland’s best known charities, St Vincent de Paul incurred a whopping loss of €37.5m in 2012, new figures show.

The charity’s annual accounts for 2012 show that the chief factor behind the loss was a €34m write-down in value of properties across its country-wide portfolio.

Even before the property write-down is taken into account, the society’s annual accounts shows that it recorded a loss of €3.1m in 2012. This followed the charity recording a surplus of €1.57m in 2011.