Mr. Paul Kelly:

Following some of the media coverage last year, there is a growing awareness and understanding of that issue, although time will tell. The behaviour of Irish accommodation providers is broadly consistent with that of accommodation providers throughout the world, and many of these companies are internationally controlled and run and have shareholders and stockholders to answer to. The difference in the case of Dublin, in particular, is that it has one of the highest incidences of what we call compression nights, that is, nights where there is more than 90% occupancy in the city. It is on those occasions that we see price spikes and this relates to what I said in my opening statement. There was an underlying issue, which we flagged in 2018 and 2019, whereby, although there was a strong development pipeline, there was nonetheless not enough in it. As a result, we have come into this position with a city that is under-resourced with hotels in terms of what is required to support both tourism and the economic activity in the city. The key is that we do all we can to encourage the sufficient development of hotels in the city.