Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I thank the Minister for his clarification of the Governor of the Central Bank's comments and the plans that are in place in respect of the money markets and the fallout from a possible vote by the UK to depart from the European Union. The Minister has touched on the central issues. While the free movement of people may be preserved, does that extend to the free movement of labour? People's ability to move is one thing, but will they be able to move and take up employment within the law that would apply to the UK and the European Union? That is an outstanding question.

From a trade perspective, while there may be benefits in terms of foreign direct investment, that is purely speculative, but there would undoubtedly be very large negatives for many indigenous firms here that are dependent on the UK export market. We are at one in hoping it is a vote to remain, but if it is not, there will be very significant consequences, which the Government and the country will have to face up to.

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