Caít Keane (Fine Gael) | Oireachtas source

I could not miss that after our last exchange the other day. I wish to raise the court case ruled on by Mr. Justice Charleton. It opens the debate again on upward-only rent reviews. The judgment in the case specified that there was not an upward-only rent review clause but the agreement stated that the rent should not be lower than it was in 1978, which is a bit different. A debate on the subject will be required again in light of Mr. Justice Charleton's ruling. He made it in a commercial construction. Heretofore, the decisions on upward-only rent reviews were not taken on a commercial construction on which a judge ruled but on signed contracts. The debate should be re-opened. I accept that arguments exist relating to commercial property, breach of covenant, bank loans and pension funds being jeopardised but we must discuss the matter and ascertain the facts on whether it is good for the country. We should review and debate the matter.

I was in the North of Ireland recently and we spoke about the variation between the jurisdictions in property-related issues such as tax and rates. In the North there is a scheme to allow for businesses starting up being exempt from rates for one year if a similar business is not located on the street. Senator Noone raised the 15% levy. We should examine the matter. Such a levy would raise ¤5 million, which is a lot of money. Ikea and Sainsbury's have come out against it - why would they not - on the basis that it would limit job creation and scare people away from investment. We must analyse whether upward-only rent reviews and rates valuations are a good idea. We must have a full debate on the issues in the Seanad. I thank Senator Norris for raising the matter as well.