Mr. Martin Shanahan:

Yes, I think the increase to 15% under the OECD agreement is likely to have some effect in that it decreases our attractiveness on that front marginally, but the Senator pointed out in his questioning that it is but one factor in Ireland's overall offering. I do not believe that Ireland's entering into the global tax agreement and the new rate of 15% will have a significant impact on the flows of FDI into Ireland. That is partly because we are doing this in unison with the rest of the world. The new global minimum will be 15%. Many countries' rates will remain above 15%. The stability and certainty that our involvement in the global agreement will bring will, I think, offset the marginal increase to 15% that we will experience. I therefore do not see it as a significant impact as we go forward. Many of the investments that have been made over the course of the past year, particularly those from March on, were probably made in the knowledge that it was highly likely that this global agreement would come into being and that it was likely that Ireland would participate in it if the circumstances were right. Investors have therefore demonstrated already that they have continued confidence in Ireland in the context of this global agreement.