Mr. Jim Byrne:

Yes, because we are deemed to be inside it. The directive is silent on the method of collection, but the intimation is that if it goes through a clearing system, there will be some kind of withholding tax. There is a possibility that if it is paid from one to the other, it will operate on a withholding tax basis, so the bank that is actually inside the FTT may end up paying it twice. In other words, they will deduct it from their payment to the Irish bank. However, there is nothing definite about that.