Mr. Bernard Byrne:

The first of the main risk factors is the uncertainty. Uncertainty is never a friend of any investor or business. That is problem number one. The other factors relate to how certain sectors will be affected because of their large trading position in the UK. People talk in this context about the agrifood sector and certain aspects of that, in particular. There are also regional influences given the considerations and lack of clarity over how the border issues will develop. These are just three pieces but there are more.

I will outline what we try to do. We have 21 Brexit advisers appointed across the network to work with SMEs to inform them of what is going on. Many SMEs do not necessarily have the opportunity to understand the detail. It is also a question of figuring out what we, as a bank, can actually do. Therefore, it is a two-way pipe in terms of understanding the positioning. The solution set depends on the size or nature of the business. Some businesses that have very significant activities in the UK will seek to position part of their businesses in the UK, effectively to eliminate the risk of a separation. That will take place, so there is an investment that people need to make. It is sometimes quite a significant move for people who have operated indigenously to establish in two locations. On the other hand, there will be some opportunity for UK entities coming into Ireland to invest. We are positioned to try to deal with that.

Until there is greater clarity as to what is actually happening, it is about preparing. The currency move has obviously taken place. I am not saying it is over in terms of a sterling effect but a lot of businesses have had to address and deal with that. Businesses have actually weathered that probably better than people might have thought possible. There have been some countervailing benefits in terms of commodity prices which have probably helped but, to date, the phenomenon has been muted, other than in respect of one or two individual sectors that have suffered more dramatically because of totally currency-related effects. It is muted at present but we need clarity.