Mr. John McCarthy:

Sure. Ultimately, corporate taxes paid are a function of corporate profitably. What we are trying to do in the Department is forecast what profitability might be. We know the effective rate of corporation tax is around 8% or 9%, in total. We forecast profitability, which is pretty much a function of GDP and so forth, so it is very much a macro-driven process. As Mr. Moran mentioned, however, we also supplement it with additional information from the Revenue Commissioners regarding restructurings, changes in payment date and so on. I would point out, however, that there are important Chinese walls. We could never be given the name of a particular company. It is illegal for me to receive that but we can get an indication that there is a big transaction that is going to affect our results.

When we are compiling our forecasts, it is a combination of a top-down approach, again based on a macroeconomic base. I refer to information on corporate tax, which is related to corporate profitability, supplemented by additional information from our colleagues in the Revenue Commissioners. We will take into account factors such as mergers and acquisitions.