Mr. Neil McDonnell:

There is no question but that the two biggest players in this will be the landlords or the banks, and the Revenue. During the previous recession, the banks effectively foreclosed on people and businesses. This time it is different, and the banks are now substantially behind the small company administrative rescue process, SCARP, legislation coming out of the Department of Enterprise, Trade and Employment.

I have recently been coming to town only once a month, to process the payroll. I walk up Grafton Street and I am still getting my head around the changes in some of the shop windows. There is 30% non-occupancy already in Henry Street and Mary Street, and that is in Dublin, so one can imagine the effect there will be on main streets down the country. One reason we have asked Members of the Oireachtas to be firm on this is that we know they will be lobbied hard to remove lease provisions from the SCARP legislation when it comes before the Houses. What we say to landlords is that there will be a pretty fundamental reset for businesses, and especially for bricks-and-mortar retail. They will just have to get their heads around the fact that lease values will fall post Covid for all sorts of reasons, such as working from home.