Mr. Paul Kelly:

As Mr. Fenn alluded to, the one thing hoteliers are very much aware of is they cannot sell last night’s room tomorrow. It is gone. They are acutely experienced at adjusting the price to fill their rooms. There is no revenue in an unsold room. If hoteliers are not selling their rooms, they will be very quick to adjust their prices accordingly. It is important to stress that because so much of the business happening now is deferred business, and that could be deferred holidays, postponed weddings or postponed business trips and conferences - demand that has been pent up because we are in incredibly uncertain times. Although it is looking rosy now for the next few months, there is great concern about the fourth quarter of this year and regarding bookings for next year, because things are just so uncertain. When we look at the pricing generally available throughout the country, this situation is reflected in that context. The core issue concerning the situation in Dublin is that it will not be as competitive because we do not have the supply of rooms. We still need more supply. From a tourism perspective, we need as much as possible of the tourism accommodation stock being brought back into use for tourism as soon as possible.