Mr. Brendan McDonagh:

The issue of upwardly-only rent reviews is a policy decision for the Government. We published a document that was announced by the Minister for Finance in budget 2012. It set out a procedure for people who had unsuccessfully sought rent reviews previously to go about getting them. To date, we have received 386 applications and approved 335 of them, with 19 currently under assessment. We have only refused 12 applications. In general, they related to companies where, although individual retail units might have been in difficulty, the overall groups were profitable. As such, there was good reason for our refusals. Rent reductions are not free - they cost us approximately €22 million per annum in lost rental income on the assets. I am glad to report that a number of the businesses whose applications were the first to be approved and that went through difficult periods when the economy was suffering and retail activity decreased significantly have, according to their turnover figures, been able to trade through their difficulties. We do our best to help them if they follow our guidance. They must give us information supporting their position that they are entitled to reviews.

Regarding Deputy Creighton's comment about advertising, I am unaware of anyone in NAMA advertising the point - nor would I stand over it - that we opposed the proposals on upward-only rent reviews. We made a submission to the Minister. The Department released it to the media following a freedom of information request. We knew when we wrote it that it was likely to become public. Our views are business views. That said, though, we have done a good deal to try to help businesses and to show them a way of achieving rent reductions if they meet the criteria.