Seán Crowe (Dublin South West, Sinn Fein)
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Question 46: To ask the Minister for Finance if he has made a submission to the Department of Justice and Equality on the issue of upward only rent reviews and the impact this would have on the financial stability of the banks and on the National Assets Management Agency; and if he will outline those concerns. [27667/11]

Michael Noonan (Limerick City, Fine Gael)
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In the context of the Government's consideration of Upward Only Rent Reviews, my Department prepared a short economic assessment of the potential effects of removing the ban on upward only rent reviews, with a view to informing the policy response being developed by the Minister for Justice and Equality. I sent this assessment to the Minister for Justice and Equality in July. A ban on upward only rent reviews would have a downward effect on the market value of certain properties, including properties which underpin loans transferred to NAMA or remaining with the banks. Any potential downside from a NAMA/banks perspective would have to be weighed against the necessary objective of easing pressures on the commercial sector.

The Deputy will be aware that the Minister for Justice and Equality recently announced that following on from an initial consultation process, he forwarded outline proposals to the Attorney General for further examination and development and that those proposals have been the subject of preliminary discussion by Government. The recently published legislative programme indicates the relevant legislation will be published by the Minister for Justice and Equality during the current Dáil session.

Question No. 47 answered with Question No. 26.