Mr. Enrico De Luca:

It is quite significant, especially given the significant reducing of margins we have had in the past four years.

Ms McCabe addressed very clearly the impact of the minimum wage. To add to that, in the profit and loss considerations of a retailer, two cost brackets make up the vast majority of costs, namely, labour and occupancy costs, by which I mean rent. The rent cost in Ireland per square metre is the second highest in Europe and 30% more expensive than the average. The rent review mechanism does not offer any certainties to tenants. That is a big issue. I will not repeat what has already, rightly, been said about commercial rates. Ireland has the highest non-household electricity costs at 60% above the European average. Much has already been said about insurance costs. Another cost that hinders our capability to invest is the cost of construction. We have been opening shops but, once again, doing so has become super-expensive. Opening a shop in Ireland costs two to three times more than in any other country in Europe because of construction costs.

These are facts and concrete examples. As Ms McCabe said, we are here to seek help because businesses in our sector, whether SMEs or larger organisations, have been in trouble for the past three or four years. We need support.