Mr. Paul Sweetman:

I might take the second question first. Our read on it is there is going to be opportunity for increased investment from the United States in Ireland. What we will need to focus on, though, is competitiveness in order to win that investment. From our discussions with companies on investments inside and outside the US, there is a clear sense from organisations that it will be both. It will not be one or the other. When we look at a number of sectors, supply chain and market presence are absolutely essential, as is looking for the right talent and skills availability. When we look at Ireland, for example, we have an incredible pedigree of individuals who can deliver significant projects for US multinationals time and again. That is incredibly powerful, not just for winning investment but for giving confidence to US companies that investments can be made where they are going to succeed.

My sense is that we are going to continue to see that in global investment. If the pie gets smaller, it will still come down to our ability to compete for that but, because of the supply chain and access to the global market, a presence will be required outside of the US. To reiterate, companies have indicated it will certainly be both. It is not one or the other and I take confidence from that.

Then when we look at our own statistics, and again this is from the survey earlier this summer, it is the case that companies are talking about further investment in Ireland over the next 12 months in terms of employee headcount and projects. Close to 70% said they would be looking at new projects over the next five years. These are very compelling statistics that could give us faith but, again, we have to focus on competitiveness.

With regard to Ireland, the US, the EU and China, from our centre of expertise, we focus very much on the US-Ireland relationship and the EU-US relationship. One thing that is core for us is always the competitiveness of Europe. However, I think that will play with regard to any market Europe is going to try to invest in or encourage companies to invest in.