Peadar Tóibín (Meath West, Sinn Fein)

The Government made a strong pledge in its programme for Government and even on Grafton Street that it would get rid of upward-only rents. The State spends €53 million on upward-only rent contracts. The State would save at least €8 million if it got rid of upward-only rents.

The retail sector has fallen off a cliff and 50,000 people have lost their jobs in that sector in the past four or five years and a further 30,000 jobs are in jeopardy.

The Minister states that those upward-only rents clauses were contracted prior to the 2010 date and the Government is reducing those rents on a case-by-case basis down to market levels. Will the Minister confirm there have been no further upward-only rent contracts are being used by the agencies under his remit? I have been informed that businesses continue to suffer under upward-only rent contracts on properties owned by departmental agencies.

See this speech in context