Mr. John McGrane:

There are no hard data for the proportion of Irish exports paid for by UK customers in euro, but I suspect it is in the relative minority because the greater number of Irish businesses are smaller businesses, alongside a smaller number of very large ones, and smaller businesses do not have the bargaining power to command not only that they sell the product or service but also to choose the currency in which they will be remunerated. The reality is that smaller businesses are very exposed on the currency, which is an immediate concern. I will roll this into the second part of the Senator's illustration. One would like to think there is an opportunity to have some economy of scale or engage in joint problem-solving by partnering about which the Senator spoke, but I am afraid the greater likelihood in the business reality is that the weaker company will either go bust or be taken over by the stronger company. It might not be quite as benign as the Senator might wish.