Mr. Duncan Graham:

The issue of upward-only rents is raised by members, particularly long-standing ones who are saddled with upward-only rents. We have pushed this issue previously. Mr. Rogers is probably more up to speed with it than I am, as it was raised ten or 11 years ago. We felt there was a way forward, but then we were told that there was not. We would be keen to examine ways of removing or changing upward-only rents.

Regarding the process the Deputy mentioned, the committee should take it as read that we want to engage early with that. We will take up any opportunity for retailers to be a part of it and to restructure their businesses as a result.

On the dominance of multiples, there will still be multiples. The UK multiples in particular seem to be the ones that are exiting the Irish economy, including the Arcadia Group last year with Top Shop and so on and the closure of Debenhams, which has been well reported. There has been a significant exit but that space is ripe to be filled by indigenous retail. We are a part of initiatives such as Champion Green, which encourages people to shop local and shop Irish. We were a part of it when it was initially established approximately two years ago as a green Friday idea related to Black Friday. We continued with it when it was launched properly last June. Through it, we are trying to increase opportunities to develop Irish retailers and put new retail entrepreneurs into pop-up shops around the country. In the latter regard, we see an opportunity to develop that entrepreneurial spirit and give people the chance to take units for short periods of time, test out the markets and establish businesses. We will continue to be heavily involved in that.

Mr. Rogers was involved in some of the upward-only rent discussions. Does he wish to raise any point?