Professor Philip Lane:

Yes. There are always multiple ways to take money out, such as if the parent firm makes a loan and there is no profit because of the interest payments on the loan. There are also questions as to the practicalities of debt as opposed to equity, which we are working on. The tax situation interacts with the price paid so if a fund believes that it is going to pay no tax on a portfolio, it will pay a higher price than if the tax rate was different. The Oireachtas can, of course, change the tax law and it has done so at times so an original expectation may change over time.