Seán Crowe (Dublin South West, Sinn Fein) | Oireachtas source

Cuirim fáilte roimh an tUasal Joe Durkan. Different people have come before the committee to discuss this matter and there is agreement that a possible UK exit from the European Union could have a huge impact on Ireland. As Deputy Bernard J. Durkan inquired, should we be focusing on the possible impact on the European Union in general and the United Kingdom? We are motivated in terms of the impact it would have on Ireland. A person who previously appeared before the committee suggested the IFSC was very much viewed as a satellite of the City of London and noted the potential impact an exit could have on Ireland in this context. Does Mr. Durkan share the concerns expressed by the individual to whom I refer?

If Britain were to decide to leave, how long would it take to negotiate new trade agreements? Deputy Timmy Dooley indicated that Ireland needed to put in place contingency plans. Does Mr. Durkan have suggestions to make in this regard? The strategy the Tories appear to be pursuing seems to be based on the premise that by announcing an intention to hold a referendum on a possible exit, they will strengthen Britain's hand in negotiations with the European Union. Does Mr. Durkan share my view in this regard?

Under the Tories, Britain is seen as one of the most pro-TTIP countries in the European Union. However, the British Labour Party has indicated that it has major difficulties with the investor-state dispute settlement, ISDS, mechanism. Some countries in Europe, including France and Germany, have also outlined their concerns about this mechanism. If Britain does pull out of the European Union, will it have an impact on investment?

Another speaker suggested that if Britain was to move under a Tory leadership, certainly it would be much more comfortable moving towards the US in terms of trade.