Mr. Ed Sibley:

I can understand the motivation behind the question. It is difficult to answer in a simplistic way because we have had many meetings with firms, but they are at very different levels in terms of their decision-making and stages of their decision-making. As I alluded to, in terms of fact finding at an early stage, typically they are engaging with multiple stakeholders, including regulators.

The reality is that when we speak to these firms, while they might be visiting Dublin, they are also visiting Frankfurt, Paris, Amsterdam and so on. At an early stage, companies are having meetings in multiple locations and are then shortlisting and thinking about deciding between two places, and Dublin may be in the frame at that point. It is also important to bear in mind that there are very different sizes, scales and complexities in some firms. At one end, one might meet a global investment bank and at the other a relatively small asset manager or something along those lines. It is very difficult to give an answer to that question that will not be misleading or give an answer with a degree of confidence that it will not be picked up in the wrong way.