Mr. Derek Moran:

I would be interested in those estimates. I am not aware of them. What we tax in corporation tax is the activity and the profit that is generated in Ireland. Again if this were to happen, we would have to see if it brings any additional substance into Ireland in terms of additional employment and additional output, etc., as that is what we would charge the tax on.

The reality is that Pfizer sought to invert into the United Kingdom with a merger with AstraZeneca 12 or 15 months earlier but that did not work out. It is now looking at Allergan. This is at a very early stage and we will have to wait and see if it happens. The US response has been to issue some regulatory restrictions to raise the bar and make it more difficult. The interesting part of that statement was that the US Treasury Secretary saying that until the United States fixes on a legislative basis in respect of US tax this will continue to happen. It is push factors out of the US rather than pull factors into Ireland.