Mr. John McGrane:

I am keen to expand on that point. I am just back from working in London in recent days. I would not underestimate the degree to which representatives of other European cities and nations are pitching in the UK. They are making the case for their locations as preferable over Ireland, Dublin and the regions. They are claiming their locations as the best alternative locations for UK businesses and agencies that now have a business need and a franchise need to find an assured base inside the European Union.

Nationally, we were shy about this in the early weeks post referendum, but people now understand clearly that there is a need, not necessarily to exit, but to find additional bases inside the EU and that it is legitimate for Ireland to present itself as the best alternative or additional home for such businesses. Therefore, the Government's endorsement today of a bid for the European Medicines Agency and the European Banking Authority to migrate to Ireland in due course is welcome.

As has been noted, there are normal questions about the adequacy of our capacity in terms of offices, homes, schools and regulatory will to host additional business, not just in Dublin but, importantly, in the regions. A common strand in this discussion is that of a national strategic approach, even prior to knowing all of the detail. We should have a national strategic approach to this matter more widely to determine whether we are ready for the next phase of Irish national development. It would be applied to questions about, for example, what the Government has done to address housing capacity issues, ensure that office space comes on stream without delay, introduce baccalaureate programmes for international students and schools and, critically, ensure beyond any ambiguity that the financial services regulator is not in the marketing business, but the supporting business in respect of an industry that is set to expand significantly on the back of some of these developments.

It is important that we be ready for Brexit in Dublin and the regions. It is also important that we have a nationally joined-up receptiveness and presentation to those who might want to do business with us.