Dr. Brian Keegan:

There were a number of factors. First, it would appear that intellectual property, by which I mean copyright, trade marks and patents, assets which are intangible but which add to the value of a product being created, must be located somewhere. As a consequence of the OECD base erosion and profit shifting project, BEPS, which really tried to get to the heart of cross-border transactions, it became less and less worthwhile for those assets to be located in what were known as traditional tax havens such as Bermuda and the Cayman Islands so they were brought on shore into legitimate tax regimes of which Ireland is one.