Maureen O'Sullivan (Dublin Central, Independent)
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Question 196: To ask the Minister for Finance if his attention has been drawn to the fact that a business with a licence that may stipulate that the proprietors can be asked to leave within one month's notice will find itself in financial difficulty in view of the fact that it must pay up front three months rent to the National Assets Management Agency in advance even though they do not have security of tenure; his views on whether, alongside three months rent up front, a request of a 100% increase in rent on that business can place it in jeopardy; and if he will make a statement on the matter. [32009/12]

Michael Noonan (Limerick City, Fine Gael)
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It is important to point out that NAMA has placed no such requirement on any tenant nor has it requested a rent increase in any case. I presume the Deputy is referring to specific commercial lease terms entered into freely by a tenant and landlord and which are better addressed between the parties. As previously advised to the Deputy, NAMA has acquired loans from the five participating institutions and is not the owner/operator of the underlying properties. The Agency's role is that of a secured lender. Other than properties that have been enforced, all of which are listed on NAMA's website and which are managed by the appointed receivers/administrators, properties continue to be managed by their existing owners or their professional managers/agents. The owners/professional managers are responsible for the efficient running of properties, the collection of rents and service charges, arrangements for letting of vacant units and the operation of rent reviews in accordance with the leases into which tenants have entered. On the issue of rent abatements, as I also outlined in my reply to this matter previously, NAMA has published very clear Guidelines, available on www.nama.ie, for tenants seeking a rent reduction from a NAMA debtor or receiver. It is important to emphasise that applications for rent abatements may be made in situations where tenants of NAMA debtors can demonstrate that the rents payable under their current leases are in excess of current market levels and, as a result, that the viability of their businesses is threatened. In such circumstances, tenants may seek NAMA's approval for rent reductions. By the end of May 2012, the Agency had approved 145 applications for rent reductions under these Guidelines with just 4 applications refused. I am happy that this system is working well and NAMA is playing a leading role.