Mr. Brian Hayes:

On the question about the future, there is support in the European Union for Ireland. Everyone knows there is huge support for all our strategies in order to ensure that we deal with the North-South question. In any full agreement, provision can be made for Ireland. In the context of the budget, much of that will depend on the scale of the adjustment and knock-back experienced by the economy as a consequence of a hard Brexit. We know all of the modelling that has been done. We have to regard for that and it is always a sensible approach.

In terms of the two big threats that we face, I would argue that the possibility of a trade war is as significant as Brexit in light of the globalised nature of our economy. We have to be mindful to make provision in this regard in the upcoming budget, and that should be done.

I agree with the Senator that there is a window of opportunity in terms of state aid but that depends on the final outcome. I made that point in my earlier remarks and that is why the Taoiseach's comments in Strasbourg were important. If we are prepared to pay more, albeit a small amount, over the lifetime of the next money market fund, MMF, then not only will it help the design of that fund, it will also help us, as a contributor country, to put in some contingency funding opportunities as a consequence of a negative Brexit.