Mr. Niall Cody:

Mr. Harrahill spoke to Senator Kieran O'Donnell about the VAT arrangements. On imports from outside the European Union VAT is payable at the point of entry or deferred to the 15th day of the following month, if there is a guarantee in place. We have collected approximately €1.5 billion in VAT at the point of entry on imports from outside the European Union. When the United Kingdom leaves the European Union, it will be a third country and under current legislation, VAT rules will apply at the point of entry. That will have an impact on cashflow. If the rules are not to be applied, there will have to be a change in legislation.