NAMA has confirmed it will intervene to help tenants struggling with high rents if landlords under the agency's remit are refusing to engage on the issue.

The commitment was made by NAMA's chief executive Brendan McDonagh following questioning from Fianna Fáil’s Finance Spokesperson Michael McGrath at a meeting of the Oireachtas Finance Committee this afternoon.

Deputy McGrath said: "NAMA has now confirmed that not only is it willing to engage directly and cut rent for tenants of landlords with property under the agency's remit but it has already approved rent reductions in 120 cases.

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"I raised this issue with Mr. McDonagh in light of the Government's ongoing failure to support businesses in difficulty with high overheads and its complete abandonment of its promise to ban upward only rent reviews. NAMA has confirmed it has received 150 applications from its debtors and directly from tenants for a reduction in rent. NAMA has approved reductions in 120 cases and is engaging in a further 30 cases.

"This is extremely positive news for tenants and I would encourage tenants who have been refused rent reductions from their NAMA landlords to engage with NAMA directly on the issue. In my experience, many tenants are not aware that this is a route open to them. It will come as very welcome news for tenants, particularly in the retail sector which is struggling with a stagnant domestic economy made worse by the Government’s 2% Vat increase."

(MM/GK)