Mr. Donall O'Keeffe:

It is an unprecedented development that we have a UK chain such as Wetherspoons entering the Irish market in the pub sector. Wetherspoons is opening its second premises in Dublin this week and it has publicly stated it has plans to build a chain of 30 pubs in Ireland over the next three years. We suspect the bulk of those will be in Dublin and some of the bigger urban centres around the country. It is a very different model. It does not intend to stock the main Irish brands and the level of service is very different. Our overview is that if it is good for the consumer and stimulates competition then it is good for the industry. We have not had enough experience with how the offer has been received. The first pub has only been open for around three months. It is certainly generating a high level of food business, which reflects well on its offer. In terms of the drinks business, it seems to be recruiting a lot of younger consumers and students and is focusing on a different part of the market than traditional pubs. We need to see how the situation plays out.

The other point on which we remain very unsure is whether other UK chains will follow Wetherspoons into the Dublin and Irish market. If that turns out to be the case, it could have a very dramatic impact over a three year or five year period.