Mr. Barry Lowry:

In terms of the technology part, the Commission has said that by 30 October 2022 it will publish the toolbox. In order to publish the toolbox, that means we have basically agreed how it is all going to work. It will take just over a year - 13 months - to agree a technical solution. I believe the legislation is broadly working to the same timetable. It will be ambitious.

Among the 27 member states, several are concerned. Their concern is driven by the technical capability within their countries. In some of the EU member states chip and pin is still very popular, as it was in Ireland five or six years ago. Countries move on. The overall target is aiming at a new euro by 2030. I guess people have realised this will be a slow burner. It depends on which way one looks at it. Eight years can go by in the blink of an eye or seem like an eternity. That is probably a realistic timescale.

They think that by 2030 perhaps 80% of people will be actively using this in some shape or form. If we look at how our society has operated over the past few months in terms of going into restaurants with electronic certificates and probably paying electronically, a figure of 80% is probably about right. I do not think every nation will achieve 80%, but I certainly think Ireland will.