Ms Brenda McVeigh:

Quite a bit of analysis has been done by the National Treasury Management Agency. Also, a report was published last year by the Central Bank of Ireland and the ESRI which did an analysis of the FTT, as then designed. There were amendments to the FTT post that. We have had considerable discussions with those two agencies. We have also had discussions with the funds' industry and, naturally, with the IFSC, which were quite extensive. We have engaged in bilaterals with other member states. There has been a lot of analysis. Certainly, at the working party meetings, there is a lot of cohesion among the non-participating states as to why we should not participate. My view is that many of the 11 are sharing the views we are expressing in regard to specific matters.