Dr. Mark Cassidy:

We do not have a role ourselves but, with regard to what is expected, the Government is in the process of preparing its proposals for how the money will be used. The current estimate is that we might receive approximately €1 billion in total from the EU recovery and resilience fund, of which in the region of €900 million will come this year. There will be requirements regarding how that money will be disbursed when we receive it. There will be a need to take into consideration expenditure on climate-related matters. Approximately 35% or 40% may need to go on climate. There will also be a need to take into consideration productive investment, fairness and macro-stabilisation. Essentially, the funding is for investment recovery and enhancing long-term potential, which is extremely appropriate. In terms of the economic framework of the EU, measures that can enhance investment and improve environmental sustainability will be very appropriate. I am not sure to what extent that would make its way to SMEs. The €1 billion I was talking about will be in the form of grants. There is the potential for the same amount again within the overall EU envelope as loans, but it is not at all clear whether Ireland or many other countries would avail of those because borrowing costs in the private market are so low at the moment.