Mr. Brian Cotter:

On the question of the various economic reports, the contribution made by the Austrian think tank was quite useful. It was very clear on the conditions of its analysis. In particular, it tried to estimate potential dislocation costs etc., which I thought was useful.

I note that the author said that, long term, the implications were positive, as reflected in the Deputy's comments. Looking at the industry make-up of Ireland, it is less exposed to these dislocations. The clusters Ireland has built in its trading sector are strong. Ireland exports such a huge proportion of its output that it is quite sophisticated, has high skills and is competitive in the international environment. Exporters are well placed to benefit from the industry clusters in the life sciences, ICT, Internet companies and traded services. The dislocation costs may not be that significant. The committee may want to note that the Department is planning to launch a report it commissioned to assess the impact. One of our messages to the Department was not to focus exclusively on trade, which would be important and have an impact, but also to consider the question of how it impacted on the investment relationship which would be more important to Ireland because it acted as a key in the international cog of the activity of our members, US multinationals servicing the world. It is tricky, but our members seem to believe anything that enhances economic activity and trading and investment activity between the United States and Europe will give Ireland opportunities. That is what we want to emphasise.