Are Irish businesses facing a currency crisis?

Irish exporters are 15% less competitive than they were before the Brexit vote...

Are Irish businesses facing a currency crisis?

David Cheskin / PA

Irish businesses exporting to the UK are already 15% less competitive than before the Brexit vote.

The organisation says a survey of Irish businesses shows that they can't compete with the rapid currency fluctuations and competition from UK based companies.

It says that the government needs to take "urgent" action to deal with the negative effects that the vote will have on native businesses.

Speaking to Newstalk Breakfast, Ibec director of policy Fergal O’Brien described the situation as "very severe" - warning that exporters who operate on tight margins are particularly vulnerable to currency swings.

He added that sterling values may continue to fall and that the group advised businesses before the referendum that the euro and sterling could hit parity if the UK voted out.

Irish businesses exporting to the UK are already 15% less competitive than before the Brexit vote.

It's also now cheaper for UK companies to export into Ireland - and more expensive to sell into the UK.