Oireachtas Joint and Select Committees

Wednesday, 24 October 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Role and Functions of NAMA: Discussion

4:50 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

That relates to a point made by Deputy Fleming on the comparison of problems. In some cases, a landlord, or the developer, may be imposing upward-only rent reviews despite what the Minister for Finance, Deputy Noonan, stated in last year's budget speech. In one case in Cork, involving Harvey Norman and the Irish Bank Resolution Corporation, an effort is being made to apply an increase of 2% per year. What does NAMA do in such cases? Next week, we will be asking the Irish Bank Resolution Corporation what it is doing. What does NAMA do where landlords are trying to invoke upward-only rent review clauses?

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