Jim O'Callaghan (Dublin Bay South, Fianna Fail) | Oireachtas source

I thank Dr. Stewart for the work he did in preparing his paper and appearing before the committee this afternoon. Section 110, introduced I believe back in 1991, was originally to promote securitisation for the financial sector operating in the State. It was designed as a tax-neutral regime for securitisation transactions. Before looking at the Russian firms' use of section 110, I have a question about the orphan ownership structure that exists. Are there valid commercial reasons for this State to have on its Statute Book as scheme such as this, which permits orphan ownership?