Mr. John McCarthy:

Revenue has suggested it may be because of a more conservative approach by some firms or because international trading conditions have been good. The depreciation of the exchange rate may also be having an effect. I cannot provide an econometric answer that provides a strong evidence base for any of those suggestions. The answer to the Deputy's question is that we are not fully sure of the reason for it. There are many theories but I cannot say definitively what the reason for it is.