Ms Brenda McVeigh:

We believe there will be an impact but it is hard to define what it may be when there are so many unknowns in this, especially now with the legal opinion in regard to the residence principle in the FTT, as currently drafted. If that goes, that will have a very fundamental impact. It would possibly soften it a little bit for us but at the moment, it is still there and the Commission is saying it will stay there. In the world of unknowns around the FTT, we would anticipate flight of institutions, flight of jobs and, therefore, lower taxes and lower yield for us if the FTT proceeds as it is.