State pays millions in rent to property tycoons

CONTROVERSIAL property tycoons, Liam Carroll and Bernard McNamara are pocketing millions for property they rent to the state — almost €117 million each year.

As well as paying rent to Mr Carroll and Mr McNamara, the taxpayer has also had to take on responsibility for the loans the property developers have transferred to NAMA.

According to new figures released by the Office of Public Works (OPW), Liam Carroll earns a total of almost €8m on 17 leases he has with the state — his leases and rental bill has actually increased since January of last year.