Oireachtas Joint and Select Committees

Wednesday, 22 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

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

Okay. And on the basis of, let's say, retail lending, that you'd go to a financial institution for ... to acquire funding to get one going, was the issue of upward-only rent reviews and how that would actually impact with regard to how the lending model would be dealt with? So you're going to build a shopping centre, it'll have 20 shopping units, the entry rent is going to be the set rent, and because of only upward-only rent reviews, it can only go up from there, there was an assurance that the rent that would immediately come in at current market values would never be dipped below. Was that ever discussed with regard to your retail financing?

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