Mr. Frank Ryan:

I will take the second question first. There is a lot of talk about the BRIC locations. If one looks at our overall portfolio of client companies, approximately 15% of our portfolio is high growth companies, approximately 10% is very large companies, such as CRH and Glen Dimplex, and in the middle is a giant number of established SMEs, the majority of which are family owned. We have to be realistic about our starting position in regard to what we can achieve.

We want to see more exports to the BRIC locations but it is not for everybody in the audience. It takes approximately 18 to 24 months to get one's first contract and it is unlikely that one will make money from it. One is talking about funding one's expansion into the BRIC locations.

We see great potential for near Europe, which is something that should not be forgotten. There is still considerable potential, in particular in France and Germany, for further export growth. Some BRIC locations are more appealing than others right now. We have made very good progress in China but that is because there has been a sustained focus on China. We had an incredible coup last year of having the now President of China, Xi Jinping, visit Ireland for three days. That got Ireland known in China in a way that we could not have possibly imagined before.

We are now making good progress with Brazil. We have agreement with the Brazilian education authorities and an increased number of Brazilian students will come here for third level education. We are making solid progress in the Middle East. We would hope that one of our first major trade missions next year will be to the Middle East and will include the Kingdom of Saudi Arabia, Qatar and the United Arab Emirates.

Russia has always been an attractive market for us. India has proved challenging, but we have had a breakthrough in respect of Indian students wishing to come here to be educated. There is a range of companies and we look after 22 industries. They have different interests in different places. It is essential that we continue to grow our trade with the UK and that we continue to grow our trade outside the UK. It is that kind of balanced portfolio of trade development that we want to see happening. It is not too long ago that our exports to Asia would have been worth less than €300 million, not to mind €1 billion, so things have changed rapidly. Around 40% of our overseas offices are now located in the BRIC countries or the Asia-Pacific region. Our deployment of human resources in that region is ahead of our trade levels, because we see the potential there. Irish companies now have to travel further from home to get into economies that are growing strongly, because the euro economy is not growing at the moment.