Mr. Stephen Lynham:

On the 25% decline in retail sales, we are the worst in the European Union. I do not have the league table with me, but it might interest Deputies and Senators to know that even if we were to see a 3% to 4% increase in retail sales in the next two to three years - that is the most we are going to see - we would only reach the pre-crisis peak or see a rally in 2017. Therefore, one is looking at a lost decade, similar to the one experienced by retailers and every other business in Japan. I am perfectly aware that the same applies to many other businesses in Ireland.

Senator Feargal Quinn is present. I do not want to put words in his mouth about the Bill dealing with upward only rent reviews, but it is my understanding its provisions are transitional in nature and would fall within five years; therefore, it would not run contrary to the Constitution. The Government's legal advice was that action on the legislation would be unconstitutional, but there are conflicting views. The Bill, however, has been accepted by one House of the Oireachtas. Notwithstanding the advice the Government received in 2011, the fact that the Bill has been passed by the Seanad has advanced the debate on the issue. All we ask is that the Dáil be free to vote on it and that the President make up his mind on whether it should be referred to the Supreme Court. If he does not do so, I am sure - I am sure Senator Feargal Quinn agrees - it will be challenged by someone else and one way or the other we will find out. If it does not go our way, we will accept the decision and move on. We have a possible answer and it would be remiss of us not to try to avail of it.

Debt and servicing of legacy debt is another huge issue. The difficulty is that there is a dearth of data, but we are aware of many retail businesses that would be perfectly solvent and completely sustainable if only the debt issue could be temporarily parked and, as a corollary to this, if there was a line of credit to allow them businesses to invest and grow. I would like to able to say I could get more information on this, but there is not a great deal available. However, I will be in contact with the Deputy again.