Dr. Robert Kelly:

It is hard for me to talk to that because I am being asked about the behaviour of individual construction firms. It is certainly the case that investment does not like uncertainty. If uncertainty is created, therefore, whether positive or negative, it can cause delays. If construction firms believe it will make more sense to do an investment in six months, and if that is a common belief, that will impact on it. Moreover, if we got to a point where some of the external forces started to question Ireland and our medium-term outlook, that uncertainty could also impact on whether somebody goes ahead with a large scheme and whether they think the demand will still be there. Regardless, uncertainty, positive or negative, can materially impact on the timing of investment.