John Deasy (Waterford, Fine Gael) | Oireachtas source

I will come back to IBRC in a moment.

The officials are all very welcome. May I ask about the general issue of tax inversions and where we stand as a jurisdiction? As the officials are aware, Pfizer and Allergan have effectively created the largest pharmaceutical company in the world which will now have its headquarters in Dublin. The estimates with regard to tax windfall vary but it is a significant figure for this county. During the week the main item on the agenda of the United States House Ways and Means Tax Policy Subcommittee was the Pfizer acquisition. I do not think Ireland was mentioned specifically but it has been raised in the presidential nomination races as well as within Congress.

The issue of corporation tax arose earlier. Has the Department done an analysis of those companies? This is a trend that has been accelerating in the past few years. The companies that come to mind are not just Pfizer and Allergan but Eaton Corporation and so on. It is not just happening in Ireland but more frequently around the world. How much of the corporate tax increase we have seen is attributable to tax inversions?