Simon Coveney (Cork South Central, Fine Gael)

The US Congress proposed a 90% tax on such bonuses to, effectively, eliminate them. There are different ways of looking at issues. I am not saying that is the appropriate way, but we must find a way. We cannot allow businesses wither on the vine because of inappropriate rental valuations that apply to a boom time when we are in the depths of this recession.

The final issue I would raise is the distinction between institutional landlords and individual landlords. There are many responsible individual landlords in Ireland who are doing deals with their tenants to try to keep them in business, and I would encourage more of that. However, there are institutional landlords and, in particular, banks, about whom, regardless of what the Minister stated on the so-called NAMA effect on rental prices at present, I have deep concerns. There is even a State-owned bank, Anglo Irish Bank, deliberately trying to push up rents in order to potentially add value to loan books and to property valuations in advance of those loan books being taken over by NAMA.

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