Ms Patricia Callan:

In terms of indigenous companies exporting, 43% of everything indigenous companies send is to the UK market. Certainly among our members, my sense is that it is fundamental and really where their main base is. It will still be a massive country and opportunity for us. Ultimately, if the UK is to be their sole market, those guys have to decide whether it makes more sense to locate there. If they are going to have more trade into the EU, it is more attractive to be here.

In respect of exchange rates, obviously, it is very sophisticated. The guys who trade currencies used to be paid a fortune. The Strategic Banking Corporation of Ireland produced a seminar for members and another seminar with various agencies on Brexit for members will be held tomorrow night. A very interesting point was raised about possibly looking at more innovative forms of financing and getting away from thinking about hedging. For example, something like invoice discounting where one actually gets paid in real time is a hedge in and of itself. By moving or shifting one's logic away from normal overdrafts and term loans into alternative financing methods, there could be a natural hedge and it might give those sorts of products a lift. That is certainly something we should look at.