Mr. Tim Fenn:

We must also be mindful that infrastructure is expensive in Ireland. We want to have sustainable growth in our industry. We want to build hotels in all parts of the country to support our wonderful product. This can only be done in a commercially viable way.

Regarding what is going on in Dublin, we know the limiting factors in respect of supply. There have been challenges around planning issues, the cost of building and the value of property, especially after the financial crash. Nobody can build a hotel, which might cost €300,000 per room, if it is worth €200,000 the day after it is built, because nobody, including the banks, will fund that type of proposition. Therefore, there is a whole raft of issues. There are some positives-----