Mr. Eoghan O'Mara Walsh:

Ms Fitzgerald Kane may respond to the Senator on this question also. I have no idea what the pricing will be over the summer because I have no hand, act or part in what a company charges a customer. However, looking at some of the fundamentals, if the cost base of a business is increasing significantly - we have just spoken about the doubling and tripling of energy rates and we must remember that a hotel or tourism business is a significant energy consumer - that has to be recouped in some shape or form by the business owner. In addition if 32% or one third of all tourism beds are removed from the stock, it creates a significant demand and supply break in equilibrium. A concern is that this will lead to an increase in prices.

There is difference between price and value. We could well have an increase in prices but as long as we keep offering a strong value proposition, I believe we will be okay. As I believe I said to the Senator previously, the vast majority of the 20,000 businesses in the sector are SMEs and most are in regional Ireland with many of them labour intensive. I believe the vast majority of them, even with the cost increases and the shortage of tourism beds, will charge fair and reasonable prices. Some outliers may behave irresponsibly and they should be called out. They do not reflect well on the industry and they are not a true reflection of it.

In the main, tourism and hospitality, despite a high cost base and an accommodation shortage brought on by the humanitarian crisis, will still charge fair and reasonable prices. I am, however, mindful of the issue and it is only responsible on our part to set out the context and narrative. As I said, I cannot influence prices. All I can do is to look at the factors determining price. Demand is going one way, supply is going the other way and in the middle of all of that, we have all these cost increases. That is what worries me.