Mr. Sorley McCaughey:

Yes. It is adhering to a standard that is fundamentally weak and unworkable. To state constantly that Ireland is adhering to the standards of the OECD is not really adhering to the standards to which we need to adhere. I already referred to transfer pricing and to people transferring profits into Ireland. To grant the revenue authority powers to challenge where they might be minimising this absolves both the revenue authority and us of detecting instances where this might have been generated by transfer mispricing somewhere else in the world. We have been recommending that the Irish revenue authority should take responsibility for and be granted powers to address this when it suspects instances of transfer pricing that come into the country.