Mr. Ronan Hession:

What I said earlier is that we are professionally sceptical on tax proposals. I think the onus is on a proposer to make a persuasive case. What I said in my opening statement is that we are not going to jump to a conclusion on it, we will do our analysis. We will look through the figures. We will digest it and we will come back.

As we begin to digest it, we can see what a big departure it is from what we have and I do not think that any Irish official or politician would see the previous analysis on this what it mean for base, for our CT receipts, for FDI and so on would jump to a very quick positive result. It is often the case in policy, that one must defer taking a rigid opinion because it compromises one's analysis. We have to maintain professional scepticism which is not a negativity. We always have to put ourselves in a position and ask whether we are fully persuaded of the merits of something.