Mr. Conor O'Kelly:

It is too early to say. It is a very complex business. We have Pillar 1 and Pillar 2, and there is an awful lot we do not know yet about how this could turn out. We know the Department has put in a provision to indicate that it thinks that €2 billion per annum is the potential long-term impact. I think that is a reasonably prudent forecast to take but it is way too early to say. The devil is in the detail and there is so much negotiation and so much we do not know.

At the same time, Ireland is a great place to do business. We know multinationals are here not just for tax reasons. Take our recent interaction with Stripe, for example, which is making a huge commitment to Ireland in terms of jobs and its second headquarters, and tax has never come up in any of the conversations we would have with them about Ireland as a jurisdiction and as somewhere they want to do business and do more business. I would not overstate the overall impact of this if it goes along the kind of tramlines we are talking about now.