Mr. Tim Fenn:

We might split out some of the Deputy's questions, for which I thank him. It is appropriate at this juncture to say that the supports provided by the Government and the activity and support we have received from everybody in the Oireachtas has been enormous. It is the reason we are still here today. Businesses have survived and now we hope to get back into the regrowth and development phase. The work that has been done is very much appreciated. I thank Members for that.

Inflation will be a massive problem for all sectors of the economy. We saw the national minimum wage increase by 11.5% between 2016 and 2021. At the same time, inflation went up by 3.9%. That is an increase of two and a half times inflation. The current situation is of concern to us. It is to be hoped that it is a short-term inflation situation because of world economics. It is driven primarily by external factors, so we are importing inflation now.

Realistically, that means our economy will not be able to compensate for it. If we start to react to it, we will create spiralling inflation within the economy. Therefore, we have to be very careful. All we ask is that people recognise the immediate shock to the system. If we follow it down some rabbit hole, we will create spiralling inflation in the Irish economy, which will not be the way to go. The Deputy asked a question in respect of Ukraine. Mr. Quinn might like to give a sense of what we envisage in that regard.