Minister for Justice Alan Shatter has confirmed that Nama last year approved 212 applications for rent reductions from Irish businesses with an annual aggregate rent reduction value of €13.5 million.

Mr Shatter stated that although legislative intervention might not be feasible in the matter of upward only rent reviews, Nama was playing a role in dealing with problems caused by upward only rent reviews applying to Nama properties.

In a written Dáil response to Nicky McFadden (FG), Mr Shatter confirmed that “a further 56 applications are currently under review”.

“Of the 276 eligible applications received to date only eight have been refused, representing a 97 per cent approval rate by Nama.”