Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

I just want to step back a little bit. There are approximately 100 IREFs, four or five of which are widely-held funds, or pension funds, in effect. Four or five funds have had the benefit of not paying the 20% withholding tax. The same funds will have that benefit over the next 12 months up to January 2019. It is important to note that if they are pension funds, they are exempt in any event. The funds in question are not vulture funds. It is important that there is full understanding of what we are talking about and dealing with.