Mr. Rónán Hession:

On the final point made by the Chair, Deputy Catherine Murphy earlier raised the that banks and other companies with losses are using them against their profits as opposed to holding them back to be used later. We expect companies to burn through their losses rather than retain them for future use. Even the banks are fully using them now, which works down a deferred tax asset over time. I do not want to improvise on this issue but I understand a number of changes were made to the UK system in its projected move to a 17% tax rate and several base broadening measures were implemented. I will ask my team to look into that further. There were some changes in terms of interest deductibility and there may have been changes in the area of losses but I would rather come back to the committee with the facts-------