Jonathan O'Brien (Cork North Central, Sinn Fein)
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Question 41: To ask the Minister for Enterprise, Trade and Innovation when he, in conjunction with the Department of Justice and Law Reform will examine ending upward only rent reviews for existing leases; when they will meet to discuss same; the envisioned timeframe for the introduction of this legislation; and if he will make a statement on the matter. [5866/11]

Richard Bruton (Dublin North Central, Fine Gael)
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Rental costs are an important factor for the competitiveness of businesses in the economy. Over recent years, upward-only rent reviews kept rents for many businesses at an artificially high level, despite the fall in property values and open market rental trends. Under the Land Conveyancing and Law Reform Act 2009, upward-only rent reviews were abolished for all new leases signed on or after 28th February 2010. Under Section 132 of the Act, rents can now decrease, remain the same, or increase if appropriate, on review.

The Land Conveyancing and Law Reform Act 2009 does not apply to the review of rent on contracts entered into prior to 28th February 2010. However, the Programme for Government expresses our intention to legislate to end upward-only rent reviews for existing leases. The question of legislating in respect of upward-only rent reviews comes within the remit of the Minister for Justice and Law Reform. I intend to have an early engagement with the Minister for Justice and Law Reform on this issue in advance of any legislative proposals.