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

I will be specific in a general way, if that is the case. A company that has been losing €20 million a year in Ireland, which employs several hundred people across the country - and in regions close to me employs 50 or 60 people - has an unsustainable rent agreement. Two independent rent reviews have said that the rent would be half of what it is at present if market rent were applied. In fact, the situation is so ludicrous that it would be cheaper for the company to close down, pay the IBRC rent and lay off 50 employees. However, the IBRC, and Mr. Aynsley in particular, have been in contact with that company asking for the parent company, which is based outside the Republic of Ireland, to keep paying that rent.

This committee may need to make a recommendation to the Minister for Finance, Deputy Noonan. He was very explicit, in regard to NAMA property portfolios, in stating that it was to deal with upward-only rent reviews and take a proactive approach to them. Can I put the accusation that, because the Minister has not made that direct recommendation to Mr. Dukes, the IBRC is not as proactive in this area as NAMA might be, given that the IBRC has quite an extensive property portfolio?