Mr. Terry Quinn:

When the crisis hit, it revealed that the tax base was too narrow and that we had been making permanent decisions on expenditure based on funding which was temporary and volatile. As a general point, it is prudent to make plans and have a tax base which is not overly dependent on volatile revenues, and we make this point. Beyond this, we could have a broad based tax system which differs quite significantly, and we will not get into the detail as to how much revenue specifically should be raised under various tax heads. This is really a matter for the Government. Underpinning the general principle that we should run prudent and sustainable public finances is that we should not be overly dependent on volatile tax revenue.