Dr. Jim Stewart:

That is absolutely true. Russian special purpose entity, SPE, firms or conduits employ nobody. They have no fixed assets or employees. That is a feature of all section 110 firms where they have no fixed assets or employees.

Most aircraft leasing firms also have no employees either. They have assets, obviously consisting of aircraft, but no fixed assets by way of office buildings and whatever. It is true that the section 110 firms have no employees and many firms set up to fund finance and are not section 110 firms will also have no employees. These are referred to as brass plates companies which are firms with no employees or fixed assets. There are many thousands of them incorporated in Ireland as there are, incidentally, in many other countries. The Netherlands is probably the major country where one would have these types of structures, not Ireland or Luxembourg.