Michael McGrath (Cork South Central, Fianna Fail)
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66. To ask the Minister for Finance the number of occasions on which residential properties over which the National Asset Management Agency has security have had rent increases in the past 12 months either by a receiver or by the agency directly; the average increase in such rents; and if he will make a statement on the matter. [12277/16]

Michael Noonan (Limerick City, Fine Gael)
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NAMA has acquired and manages loans. It does not manage individual properties. These remain under the control of its debtors and receivers who are required to optimise the income generated by the assets under their control. This ensures that they are in a position to maximise their debt repayments to NAMA and ultimately eliminate any contingent liability to the taxpayer.

The Deputy will be aware that, to date, NAMA has redeemed €24.6 billion (81%) of the €30.2 billion in senior debt that it issued to acquire loans from the participating institutions. A significant contributor to this achievement was the drive by NAMA to ensure that its debtors and receivers maximised the income from assets under their control.

I am advised that NAMA does not maintain a central database of changes to the rents charged by its debtors and receivers on the 6,000 residential properties that are currently under their control that have 99% occupancy.  As the Deputy is aware however, in accordance with NAMA's statutory requirements, all loan income and receivables are recorded in NAMA's audited financial accounts in line with IFRS accounting standards.

As with any other landlords, NAMA debtors and receivers conduct rent reviews in accordance with requirements set down in law and any adjustments made to rents on properties are in line with overall movements in market rents.