Mr. Simon McKeever:

In the beginning, just after the vote, it was all about the currency. Some companies have gotten their heads around it but a lot of companies have not. The last time we took a dip in to see what level of coverage was there, most of it coming off at the end of this month.

We checked to see where the point of pain was on the currency. Last year, in the wake of the vote, it was a rate of 80p to 85p to the euro and it is now around 85p to 90p to the euro, so there has been some adjustment to the currency.

When our organisation, which is national, goes around the country doing different things, the focus is more on customs, VAT and the supply chain. Bigger companies are beginning to get their heads around these. Smaller companies really need to do so. What happens if there is disruption to the landbridge? What happens if there is a North-South Border? What happens to the huge amount of trade in and out of the United Kingdom? Our CSO figures do not really show the kind of trade that is going back and forth in the supply chain, particularly in an east-west direction. Therefore, many items are going back and forth that do not really get counted but which end up making finished goods. We made the point that it is a matter of imports as well as exports.

Our sense from companies is that bigger non-Irish-owned ones are getting their heads around the customs piece. There are a number of different models that are quite useful and helpful. I have had a number of conversations with the bigger Irish indigenous companies and was quite shocked by the level of unpreparedness. They are beginning to get their heads around the customs piece, however. Smaller companies are not. What we really need to do is help companies understand the implications and not only in regard to customs. Where the Border really will be probably will not be between the North and South but in people's offices, because they will have to deal with the consequences. Even if there will be no duty or tariffs, there will be paperwork. The first implication of a border is a higher administrative burden on people. We have seen figures indicating an increase in the cost of doing business of anything up to 24%. If a company is already trading somewhere else in the world and not just with the United Kingdom, it already has experience in learning how to proceed in this regard. If the many companies that are trading only into the United Kingdom do not have such experience, they will need to learn.

We run an SME programme that we bring around the country. We also run a supply-chain initiative that we bring around the country. It is very heavily focused on the customs piece. We run a thought leadership initiative. It is the one on the supply chain that packs the room. People are beginning to develop awareness.

I wish to refer to something Mr. Daly said. We envisage a big threat to rural Ireland in the wake of Brexit because the agriculture sector will get very badly hit. The displacement that might happen over a five or ten-year period is potentially enormous if we end up having to pay tariffs of 50% on our beef and 60% on our dairy produce going into the United Kingdom. In our conversations with various British Government organisations, we have tried to get across the message that Britain is short of food and does not generate enough for itself. We are a natural breadbasket. How can we ensure that, in our negotiations, we can secure what we desire in this regard? There is great fear, particularly if Britain leaves the customs union, that it will rush to secure trade agreements with the likes of Mercosur. In the meantime, representatives from a huge country like China are going around the world. China has a massive food security issue. It has bought up some of the biggest sheepmeat and pork producers in New Zealand and America. Therefore, there is competition at a global level over food security. The message we have been giving to the British Government is that we can continue to provide security for it. The question will be one of what Britain, if it is buying cheaper food, will substitute our produce with if it is so much more expensive. Have I answered the Deputy's question?