Eoghan Murphy (Dublin Bay South, Fine Gael) | Oireachtas source

That is absolutely crucial as far as our offering as an international financial services centre is concerned. It is a big part of what we do in the area of fund management administration. I think something like €2 trillion is administered through funds while a tiny percentage, 1% or 2%, is invested in Ireland itself. It is important we maintain this offering as part of our suite of international financial services products. In section 110 we are trying to ensure they are not being used in ways that avoid tax and that tax should be paid on Irish property or assets backed by Irish property,. That is the aim of the amendment. A lot of consultation has taken place and the amendment was published in September in order that we could get feedback, from people here in the Oireachtas and from industry and other areas, and in order that legitimate securitisation could be achieved through section 110.