Mr. Seamus Coffey:

We had a 50% increase in one year in 2015. I do not expect that we will see the set of events that came together in 2015 unwinding together. However, they could unwind over time. Corporation tax is the most volatile of our main taxes. If a tax can rise by 50% in a given year, it shows the uncertainty that is there. I think at least to 2020 it will remain at the higher level. Depending on how international changes go that could be sustainable for longer. We will see inherent volatility. We have not seen a reduction in corporation tax receipts on an annual basis for a number of years. I think that is unlikely to happen soon. It will remain at the new higher level. It is hard to identify. I looked at the elements that led to the increase in 2015. They were relatively broad, yet dominated by the multinationals. It did not necessarily lead to an increase in concentration. Our corporation tax receipts are concentrated but that did not increase in 2015. It was spread across a number of companies and it was related to a number of different factors. I do see risks there. It is more a medium term risk. It is unlikely that we will see a 50% drop in a single year, even though we did see a 50% rise. Any return to the lower level would happen over time.