Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I thank Mr. Aiken and Ms Glen for attending. The concept of an all-island market is a good one and could only be beneficial from the point of view of both the North and the South. There are considerable economies of scale which can be achieved and a great deal of interaction can take place, both of which would be mutually beneficial. To what extent do our guests see room for growth in this area?

Like previous speakers, I am concerned about the potential for the United Kingdom to move away from the concept of the European Union. I am particularly concerned that the proposed referendum will be lost. In the period between now and the holding of that referendum, the markets may take account of what is likely to happen and find their own method to deal with the situation. That could be either beneficial or detrimental to the interests of Ireland and the United Kingdom.

I cite the possibility that the referendum might go wrong from all our points of view. To what extent could the UK become involved with other similarly inclined EU countries with considerable numbers of Eurosceptics in their political systems? To what extent can provision be made by way of damage limitation in the event of that happening?

We have very considerable trade links with the UK. Half of Ireland's business is with the UK and we are the UK's biggest customer. We both need to give serious thought to what might happen in the event of a decision by referendum that the UK would leave the European Union. While other countries such as Norway and Switzerland have a relationship with the EU which is quite beneficial to both sides, there is a danger that in this situation, the exit of a major player like the UK could have a detrimental effect on its own economy as well as on the economies of its neighbours.