asked the Minister for Finance whether in view of the continuing increase in rents of Mespil flats, the property of Irish Estates Limited, bearing no relationship to the increase in the cost of maintaining the building and of running it as a block of residential flats for which rent increases are provided in the leases of these flats, he will intervene as controlling shareholder of the parent company, the Irish Life Assurance Company, to limit rent increases to genuine increases in costs.
Ceisteanna—Questions. Oral Answers. - Mespil Flats Rents.
24.
I have no statutory function as regards the control of rents and I am not prepared to intervene on a non-statutory basis in favour of particular individuals. The management of the Irish Life Assurance Company and of Irish Estates is a matter for the boards of these companies. The Irish Life Assurance Company is obliged to operate on commercial terms in the interest of policy holders. If it did not do so, it would not be possible for it to stay in business in view of the heavy competition from other insurance companies.
I may add that I understand that the rents being charged for the flats in question compare reasonably with the rents for other similar accommodation in Dublin city.