Mr. Pat Lardner:

I have a couple of points to make. The first is that we need to clearly separate what will happen and what might happen as a result of Brexit. This is not in any way to discount whether the CCCTB proposal will progress. There are a number of European directives to which the United Kingdom is a party and which govern the passporting and provision of financial services. These form the primary set of considerations that firms are looking to resolve. I would make this the priority.

To reply to Deputy Michael McGrath's specific question, the way and manner we have managed to compete and attract financial services activity has been the result of many things. Mr. Coleman has mentioned a number of them: skills, taxation and a strong regulatory environment. Linking with a point made, it is quite an assumption to make that the United Kingdom will naturally navigate towards being a low-regulation environment. In the discussions we have had there at least, this does not seem to be the case. It runs contrary to what we understand is the position of the UK regulator.

Irrespective of whether the CCCTB proposal comes onto the agenda, there are many reasons firms need to create solutions to the problems created by Brexit of market and customer access. Ireland's combination of skills, efficiency, a business and regulatory environment and an ability to deliver services within timeframes to meet global needs is among the range of things that allow us to compete.