Written answers
Thursday, 16 June 2016
Department of Finance
Departmental Properties
Peadar Tóibín (Meath West, Sinn Fein)
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109. To ask the Minister for Finance the properties his Department and the agencies under its remit leased; the number leased on upward-only rents and the number of the lessors who were involved with the National Asset Management Agency or with any of the State banks; and the details of each lease. [16600/16]
Michael Noonan (Limerick City, Fine Gael)
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In response to the Deputy's question, I am advised that the Department of Finance has no such lease arrangements in place.
In relation to properties leased by bodies under the aegis of my Department, the relevant bodies have provided information on the numbers leased on upward-only rents, the number of lessors who were involved with the National Asset Management Agency or with the State banks and the details of each lease. This information is set out in tabular form for the Deputy.
| Name of Body | Properties leased | Number leased on upward only rents | Number of leasers involved with NAMA or State Banks | Details of lease |
|---|---|---|---|---|
| Tax Appeals Commission | Nil | n/a | n/a | n/a |
| Comptroller and Auditor General | Nil | n/a | n/a | n/a |
| Central Bank | Block D, Iveagh Court, Harcourt Road, Dublin 2. | Nil | Nil | Iveagh Court: Office accommodation over 5 floors. Lease held: 8 November 2010 to 8 May 2017. Current rent payable to landlord Cedar Real Estate Investments Plc is €2.65m per annum (ex VAT). |
| Credit Review Office | Nil | n/a | n/a | n/a |
| Credit Union Advisory Committee | Nil | n/a | n/a | n/a |
| Credit Union Restructuring Board | 2nd Floor, IPC House, 35-39 Shelbourne Road, Dublin 4. | Nil | Nil | Sub-lease with the Law Reform Commission spanning 3 year period from March 2014 to March 2017. |
| Disabled Drivers Medical Board of Appeal | Nil | n/a | n/a | n/a |
| Financial Services Ombudsman Bureau | 3rd Floor, Lincoln House, Lincoln Place, Dublin 2. | 1 | Nil | Lease held: 18th April 2006 for 20 year term. 5 yearly rent reviews. Landlord: Hibernian Life and Pensions Ltd. |
| Financial Services Ombudsman Council | Financial Services Ombudsman Bureau offices used for secretariat and meeting purposes. | n/a | n/a | n/a |
| Investor Compensation Company Ltd | Nil | n/a | n/a | n/a |
| Irish Bank Resolution Corporation (IBRC in Special Liquidation) | Floors 1 and 2, Joshua Dawson House, Dawson Street, Dublin 2, together with 12 car park spaces. Part of 2nd Floor Kings Building, Church Street, Dublin 7. | No reference to upwards only rent in the licence agreement. No reference to upwards only rent in the licence agreement. | The special liquidators have advised that they are not in receipt of this information as, in the normal course of business, it would not be made available to a lessee. | Licence Agreement: 22nd May 2015 to 1st September 2016 with Kleinwort Benson Investors Dublin Limited. The property is owned by Dublin City Council. Sub lease: 1st June 2016 for 2.5 years with Workday Limited. The property is owned by Smithfield Property Development Limited. |
| Irish Financial Service Appeals Tribunal | Nil | n/a | n/a | n/a |
| Irish Fiscal Advisory Council | Accommodation space from the ESRI (within the ESRI Building) | n/a | n/a | Accommodation space is leased from the ESRI. An administration fee is paid to the ESRI which includes a charge for the accommodation and building service on a pro rata basis. |
| National Asset Management Agency (The Board) | 1st Floor, Treasury Building, Grand Canal Street, Dublin 2. 1st Floor Annexe, Treasury Building, Grand Canal Street. 3rd Floor, Treasury Building, Grand Canal Street. | 1 | Nil | As outlined in the NAMA Annual Report & Financial Statements 2015 (Note 10.7 of the Financial Statements): The Agency has leased the third floor of its current office premises since 2010 for a period of ten years at an annual rent of €1.0m, and the first floor of its current offices premises since 2014 for a period of 15 years at an annual rent of €0.8m and the first floor annexe of its current offices premises for a period of 12 years and 4 months at an annual rent of €0.1m since 2013. One of the three leases is on an upward only rent basis; the other two are reviewed to open market value. |
| National Treasury Management Agency | Office accommodation at Treasury Building, Grand Canal Street, Dublin 2. | 1 | Nil | In 1991, 2007 and 2012, the NTMA entered into lease agreements of varying duration until 2017, 2026 and 2027, in respect of office accommodation at Treasury Building. The gross annual rental cost under these operating leases is €2.8 million excluding a reverse premium of €0.5 million per annum. |
| Office of the Revenue Commissioners | Nil | n/a | n/a | n/a |
| Social Finance Foundation | Nil | n/a | n/a | n/a |
| Strategic Banking Corporation of Ireland. | Nil | n/a | n/a | n/a. |
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