Mr. John Flynn:

I can talk a little bit about the economic impact. In macroeconomic terms, the economic impact of Brexit comes from the fact it will have significant implications for trading agreements between the UK and the EU. That will have implications for trade and other things such as labour markets, investment decisions and capital flows. As Mr. Cross and Mr. Sibley alluded to, the impact of Brexit in broad economic terms will be the same as with financial services. The impact will depend on the terms of the UK's exit, in particular the timing and nature of the final trade deal. It will also depend on the nature of the transitional arrangements, if any.

Ireland stands out in economic terms as the EU economy likely to be most affected by Brexit. This obviously reflects the size and nature of our trade and financial links with the UK. It also reflects the fact we share a land border with the UK. In economic terms, Ireland's reliance upon the UK export markets for international trade has reduced over decades. It is now much less than it was at the time we joined the European Economic Community. As an economy, Ireland is still very reliant on the UK. If we look across EU countries, we find it is the most reliant of all EU countries on the UK and UK export markets. Certain sectors are more reliant on the UK than others.