According to today’s Irish Times the legislation to ban leases providing for upward-only rent reviews has been shelved in the interests of NAMA:
Nama sinks upwards-only law
The Government is not to proceed with the abolition of upwards-only rent reviews even though the legislation has already been passed by the Oireachtas, says FBD Retail Excellence which represents over 50 retailers. David Fitzsimons, CEO of Retail Excellence, told members it was very unusual for a minister to announce a measure in the Dáil and then not proceed with it. His interpretation was that advisers to the Department of Finance and Nama had insisted on not abolishing upwards-only reviews as this would further undermine asset values.
Legislation to end upwards-only reviews on new leases was approved by the Dáil before the summer. While it would not have affected existing leases, Retail Excellence says it would have “sent a strong message to the landlords”. Labour TD Ciaran Lynch has tabled a question in the Dáil enquiring whether the legislation is to be implemented.