Mr. Seamus Coffey:

I think the most significant change that has to be made relates to transfer pricing. We have introduced some measures in this area but have not gone far enough. It is one of the most significant ones because countries can determine that they will not apply transfer pricing to various types of transactions and we should broaden that. That would be the key area. A second one would be the measures in the anti-tax avoidance directive, the anti-hybrid, the interest limitation and the exit tax. The last could be crucial for Ireland. Given the amount of assets that are coming here, the design and rate of any exit tax would be important. Another area is the CFC rules. If we do choose to go to a territorial system, we want to ensure that companies have the right profits here and are not shifting profits offshore just to bring them back in and declare that they earned those profits abroad and do not owe any tax on them.