Joe Costello (Dublin Central, Labour)
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Question 93: To ask the Minister for the Environment, Heritage and Local Government if, in view of the reduction in rents generally, he is satisfied that contracts already entered into under the leasing initiative will be adjusted downwards to maintain the target of acquiring property at 20% below the market rate; and if he will make a statement on the matter. [42933/09]

Michael Finneran (Roscommon-South Leitrim, Fianna Fail)
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The primary focus in negotiating leasing costs is the delivery of value for money. In that context, it is expected that authorities would be able to secure lease costs of at least 20% below current market rent.

In general, each lease agreement entered into will also be subject to periodic rent reviews. Where reviews are provided for, my Department has advised authorities that reviews should follow market conditions, so that rent would be adjusted upwards or downwards as appropriate. To ensure compliance with this, when submitting proposals authorities are required to provide details of the rent reviews agreed.