Mr. John McCarthy:

The one point that I would add is that our problems which started back in 2007 were due to a concentration of activity in one sector in that about a fifth of gross value added was in the construction sector. The economy is much more diversified now. As should always be the case for an economy such as Ireland's - a small and very open economy - the exporting sectors are leading the way, and we have seen quite a diversified export performance in recent years. We have seen the IT sector, the pharmaceutical sector, tourism, the agricultural sector - partly due to the exchange rate vis-à-visthe UK, and the aircraft leasing sector all performing well. It is a very broad-based recovery in exports as there is diversification. We are now also seeing domestic demand pick up as well. The economy is in a much more solid position, but simply because of its nature we are a very globalised economy so if there is a global shock we simply cannot remain immune to that. It is not the baseline scenario but we do what we can do, which is to diversify the sectors in which activity occurs.