Mr. Pascal Saint-Amans:

I think we are making tremendous progress in the area of exchange of information. Five years ago, bank secrecy was the rule in a large number of major financial centres which completely refused to engage on this. We are now in a situation in which all the jurisdictions have committed to exchange information and have taken all the steps necessary to carry out exchange of information on request with a very strong peer review mechanism organised by the Global Forum on Transparency and Exchange of Information for Tax Purposes, which now includes 120 member countries on an equal footing. As I indicated, because of the dynamic of the Foreign Account Tax Compliance Act, FATCA, and critical concerns expressed about offshore leaks recently, there is a new layer of pressure and interest. We saw the case of the French budget minister who had to resign for having lied to the French National Assembly about bank accounts in Switzerland and Singapore. We are moving to the automatic exchange of information. As we reported to the G20 meeting of finance and labour Ministers in Moscow last weekend, we recommend that the content of the information that the US will get through FATCA should be the contents of a multilateral standard for automatic exchange of information, which is now becoming the standard. We are developing a multilateral platform to operate this exchange of information on a multilateral basis. There is a pilot initiative within the EU, which I think Ireland has joined, to multilateralise FATCA-type agreements. Finally, we are providing for a legal platform with a multilateral convention on mutual assistance, which has now been signed by more than 60 countries, which the UK dependencies are joining and which can provide for automatic exchange of information. What we expect in terms of the calendar is that in 2014, this new standard will be up and running and will, probably before the end of the year, create within the global forum a group for the automatic exchange of information so that all the global forum members would move to this new standard while keeping their commitment to exchange information on request. So we are getting there, which is tremendous progress given where we were five years ago.