Dr. Kieran McQuinn:

My colleague, Dr. Bergin, will take the sterling issue. To give a very brief overview, the way that we have looked at Brexit over recent years is to take initially the large-scale macro model that is very highly aggregated. Then there have been a series of micro level analyses produced using more micro level data, drilling down into the sectoral issues, the issues the Deputy is talking about, the sectors of the economy that would be most impacted in terms of imports, exports, the potential for World Trade Organization, WTO, tariffs being applied to specific sectors in the UK economy, and the resulting impact on imports and exports in an Irish context as a result of that. The other piece of work that I referred to by my colleague, Ms Martina Lawless, looked at detailed, standard, nationally representative household expenditure levels and the impact of Brexit on that, the impact of tariffs being applied to certain products, and the implications for household budgets as a result of that. In that, we can do the mean and the average but we can also look at the distributional effects in terms of which households are most impacted by that. We have had that analysis, and then in the recent analysis we have gone back to the large-scale macro models so we can factor in the trade issues between the UK and Ireland, the UK and Europe and Europe and Ireland, etc., while also aggregating up from some of the micro level work. That is feeding into the current analysis in a number of different ways As to the Deputy's question about how granular the analysis is, this analysis has fed off a lot of very granular pieces of work that have been done using firm level data and household level data specifically to address the questions referred to.