Ciarán Lynch (Cork South Central, Labour)
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A few weeks ago representatives of NAMA appeared before the committee and one of the issues raised with them, following the announcement by the Minister for Finance in last year's Budget Statement, was rent reviews in respect of NAMA properties. The upward only rent review clauses should be examined in that context and not applied in these cases. Has there been monitoring of how rent reviews in respect of NAMA properties are being carried out? Will Mr. Moran tell us the number of reviews that result in a reduction in rent, not an increase? Representatives of the IBRC, a landlord its own right, also appeared before us in recent weeks. Many think it is only a bank with many debts, but it is also a substantial landlord. Does the Department of Finance take into consideration the fact that the IBRC, with other State agencies, should take on board the directions given to NAMA in respect of leases?