NAMA approves rent applications

The Minister for Finance, Michael Noonan, has confirmed that last year the National Asset Management Agency (NAMA) approved 113 of 114 applications for rental reductions sought by tenants of NAMA debtors.

Last December, NAMA issued a guidance note on upward only commercial leases and its publication followed the announcement by Mr Noonan that the Government had abandoned plans to scrap upward-only rent reviews.

Mr Noonan said that it had “not proved possible to develop a targeted scheme” to tackle upward-only rent reviews that would “not be vulnerable to legal challenge or require compensation to be paid to landlords”.