Mr. Brian Keegan:

Unlike Mr. McCaughey, I believe that when we are talking about taxation, definitions are important. Whether one is married defines the income tax one pays. Whether one is resident in this country defines how much income tax or corporation tax is paid. I do not wish to dismiss established definitions.

There are three strands to the work of the G20. There is the BEPS. There is the transparency agenda, to which Mr. McCaughey referred, and there is also the development agenda. They are three separate things. In terms of the BEPS, the threat to Ireland is from profit shifting because it also means tax shifting. Irish companies contribute €4 billion to the Exchequer every year. That represents approximately 10% to 11% of the overall tax take. The risk for Ireland-----