Mr. Marc Coleman:

Regarding the proposals from the Commission, let me remind the committee and everybody else that the OECD has just overseen the most significant change in the global corporate tax regime in nearly one century. It was a constructive, global and non-ideological co-operative effort in which Ireland played a full part in working towards a corporation tax system that would link profits with substance. That should not be undermined by a deviation by any source, without naming any particular one. Deputy Michael McGrath and Mr. Regan have both referred to the issues arising in the Commission. Let us not forget also that George Osborne has spoken about a 12% tax rate in Britain and there are similar moves being made in the United States. It is in our national interest to reiterate how we have been team players in the OECD process.

The attractiveness of Ireland as a location for financial services investment has been built over 30 years. Financial Services Ireland, FSI, has been a partner with the Government and other stakeholders since its inception in 1985. It is not just a matter of corporation tax; it is also a matter of skills, the business operating environment and people. When it comes to attracting the financial services jobs we need to compensate for possible losses in other sectors, however, it would certainly be extremely unhelpful to this country if it were to move away from what has been a global, constructive approach with the OECD.