Dr. Edgar Morgenroth:

I agree with everything Mr. McGrane has said. It is not so long since the exchange rate was last at the current level, it was 2010. Many businesses have had to live with these kind of fluctuations for a long time. For some, particularly those on low margins, that tends to be a struggle. Others work through it and the exchange rate tends to move again and in the long run it is not a problem for those firms. They have also benefited in recent years when the exchange rate was favourable. It is very difficult for a government to buffer the exchange risk because the risk is potentially infinite. If the exchange rate continued to move and firms traded more it would be difficult to fund that. The state aid rules, which the Deputy mentioned, would come into play. That is going to be a tricky thing and for some firms it is potentially a terminal issue, if their margins are very small exchange rate movements can wipe out their profits and businesses can fold. That does happen and it could have happened under other circumstances not to do with Brexit where the exchange rate moves.