Billy Kelleher (Cork North Central, Fianna Fail)
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Question 22: To ask the Minister for Jobs, Enterprise and Innovation if he intends to instruct the Industrial Development Agency to end all upward only rent review agreements it holds; and if he will make a statement on the matter. [20932/12]

Richard Bruton (Dublin North Central, Fine Gael)
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Section 132 of the Land and Conveyancing Law Reform Act 2009, which provides for the abolition of upwards only rent views in commercial leases, became operative on 28 February, 2010.

IDA Ireland has informed me that it currently has 73 occupational leases across its Private Finance Building Portfolio. 64 of these leases were granted prior to 28 Feb 2010 at which time all leases would have contained up-ward only rent reviews. There are currently 9 leases that were granted after 28 Feb 2010 which are linked to market rent.

IDA Ireland has confirmed that, where businesses are in difficulties, it has, on a case by case basis, responded to and facilitated companies' requests for reduced rent and will continue to do so.