Mr. Conor O'Brien:

It would vary from company to company as well. Some companies may not have those kinds of expenses and the impact might be minimal. However, assume a company that has €1 million of gross income and is paying €800,000 in royalty payments which are legitimate genuine expenses of its business and other trade charges - there are other items below that line - so that its income is €200,000, and now one has levied a charge of 12.5% on that €1 million. Some €125,000, as a percentage of its €200,000, is a tax rate of 60% plus, which would be completely uncompetitive. I certainly would not go with that one.

In terms of the-----