John Curran (Dublin Mid West, Fianna Fail) | Oireachtas source

Yesterday evening, as the Minister is aware, we were bogged down with this issue. I appreciate the fact the Minister took some time to review it. The formula that the Minister has produced seems to address the concerns. The initial formula that was provided had the unintended consequence that the first review that would come as somebody entered a pressure zone could result in an increase of up to 8%, and that was not the Minister's stated objective. The amendment which then addressed that left the other side open, in that a vacancy that might occur could have a bigger increase than was intended. In the Minister's amendment today, he has broken it down into two parts. They addressed the two specific issues. I thank the Minister for taking the time to review with his staff last night the issues and for bringing forward what I think is a workable proposal to address the two concerns that were expressed last night.

It is important to note that as tenants enter their first review in a designated pressure zone and are doing so after two years, the maximum increase they will face is a 4% increase, equating to 2% per annum for the preceding years. Whether a property is vacant for a period or not, the second part of the Minister's equation ensures that going forward from that review, no more than a 4% per annum increase can be imposed. They were the stated objectives that the Minister had yesterday. The original proposal and the first amendment did not achieve that objective but I believe the measures we have seen this morning do achieve it. I do not want to delay Committee Stage any further.

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