Dr. Kelly de Bruin:

Yes, it will have a knock-on effect. The way to answer the question relates to how it will be implemented. We already have a carbon tax in place for these sectors. If that is replaced by an ETS and the carbon tax does not have to be paid, not much will change if the price remains the same. However, it depends on whether buildings will be exempt from carbon tax - I assume they will - and on what happens to the EU ETS price. That is one of the big issues we will be facing. At the moment, the EU ETS price is going wild and what happens with that in the future will have an important impact on Ireland.