Dr. Thomas Conefrey:

We participate in a euro area-wide exercise where we submit projections for Ireland, along with the other NCBs in the euro area. In the most recent exercise for June, more or less across the board, we saw lower projections across the euro area, reflecting the two elements Mr. Madouros talked about. There was the impact of tariffs but most particularly the main factor was the higher uncertainty that reduced people's expectations for business investment in particular.