Mr. Fergal O'Brien:

I will take the first question and pass the other two to my colleague, Mr. Ger Brady. I am happy to come back on them again subsequently.

Our view on income tax reform is that any changes should be based on a strong labour market and economic rationale. When we look at the Irish income tax system in the international context, the observation we make is we have a very high marginal rate kicking in at an exceptionally low level of earnings.