Dr. Jim Stewart:

It is important to understand Ireland is only one of the centres dealing with Russian assets abroad. As they are so large, the use and control of these assets is spread over a number of different financial centres. One aspect of the section 110 financing of Russian firms is there is a case to be made this is really recycled money. Huge amounts of wealth have left Russia in recent years through Estonia, Latvia and other countries. Some of the funds, though not all of it by any means, has flowed back to Russia to help with the financing of Russian firms. That is kind of new and section 110 tax status has given particular advantages to Russian firms in the sense of lowering the cost of capital, lowering the risk of investing in Russia and hence making it easier for firms like the Russian railways company to raise large amounts of money using section 110 status.