Mr. Martin Shanahan:

Yes, it is very much on our radar. Regarding the Dublin-Belfast corridor, a lot of the success achieved in the north east has been in Dundalk which is well located on the corridor, with access to Belfast, Dublin and the airports. It has an institute of technology which also makes it attractive and there are a number of large tech companies which have located there. Brexit is, therefore, very much on IDA Ireland's radar. The Deputy is aware that our position is similar to that of the Government; that it would be better, for many reasons, if the United Kingdom stayed within the European Union. It is our nearest neighbour, largest trading partner and closest political ally on any business related issue within Europe. An ESRI study shows that if the United Kingdom was to leave the European Union, while there might be some benefits for Ireland in foreign direct investment, the impact on trade would far outweigh the benefits. As our nearest trading partner, the impact would be judged to be about a 20% drop in trade worth €3 billion. The United Kingdom wins significant foreign direct investment, some of which is in companies which will service the UK domestic market, while some locate in the United Kingdom to service a European market. Between now and the actual holding of a referendum, investments to service the UK domestic market will continue.

However, it might give those who are making decisions about setting up headquarter locations to potentially service Europe, the Middle East or the rest of the world from the UK some cause to think about that potential location. For those companies and some of the existing companies in the UK, as they scenario-plan for the "what if" of a UK exit, Ireland features as the next possible location. This does not mean we will win all that investment but it means we are in the mix.