Ms Cora O'Brien:

We have not definitively said what, for example, the capital gains tax rate should be, but a 1% reduction in that particular rate would amount to approximately €25 million per year. I understand the constraints imposed on the Government by the European rules. One cannot, for example, counterbalance what might result from increases in activity, one can only look at what the blunt cost of the tax reduction amounts to. This, then, is a longer-term model. It is not something we should think can happen overnight. We are starting from a different point, however, starting from where the Government is trying to get with its export strategy and working back down to what the best tax policy might be to try to arrive at that point.