I propose to take Questions Nos. 1, 8, 14, 48 and 49 together.
Fortunately last autumn's turbulence in international money markets had a relatively minor impact on tourism performance, coming as it did at the end of the 1992 peak season. The fact that the major source of tourism growth in recent years has been in mainland Europe, outside the sterling area, also helped to minimise the impact. Consequently, tourism was not designated as one of the short term priorities for assistance from the Market Development Fund launched in October 1992 and terminated last month.
The realignment of the punt within the EMS in January, coupled with stabilisation of interest rates since and well in advance of the 1993 tourist season, has helped significantly to restore the competitiveness of Irish tourism, particularly in important markets such as the UK and the US, vis-à-vis the position last winter.
The industry will also benefit from a number of EC funded initiatives scheduled for this year, including a £2 million special Bord Fáilte run marketing programme to increase business in shoulder and off peak periods; and a £10 million marketing package led by the industry targeted mainly at new markets and market segments. Bord Fáilte are currently forecasting a 5 per cent increase in overseas visitors to 3.3 million for 1993 and a 7 per cent increase in overseas revenue.