Mr. Niall Cody:

Opportunities will be driven far more by currency movements. VAT rates will be more or less the same between Ireland and the United Kingdom, while customs duties will be small on these goods. The likelihood of there being a significant distortion will come down to currency changes, which is already a feature. It will present a challenge. In the context of costs, the customs duties we collected last year amounted to €313 million. It is not really about raising money; it is primarily about control of the market and access to goods. Most customs duties are effectively zero.

On total imports of approximately €28 billion, the customs duties amount to €313 million.