NAMA Operations

Thursday, 18 July 2013

Questions (168)

Michael McGrath

Question:

168. Deputy Michael McGrath asked the Minister for Finance the number and total value of rent reductions approved by the National Asset Management Agency to tenants who hold leases in respect of NAMA properties; the procedure involved; and if he will make a statement on the matter. [36676/13]

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Written answers

Minister for Finance

NAMA has engaged positively and proactively on this issue. To end-June 2013 NAMA had received 296 eligible applications from its debtors for rent abatement. 234 applications had been approved, 10 were refused and the remaining 52 are under review. The value of such rent reductions by NAMA is in excess of €14m per annum. NAMA issued a Guidance Note on Upward Only Commercial Leases on 6 December 2011 setting out the procedures by which tenants of NAMA debtors can seek rent abatement. A copy of the Guidance Note is available on NAMA’s website, www.nama.ie.

I wish to advise the Deputy that my Department is promoting the application by public bodies of NAMA guidelines on rent reviews for commercial tenants who are having difficulty paying rents which are above the market price, where the premises are owned by public bodies.

Question No. 169 answered with Question No. 127.