Mr. Niall Cody:

If we take the whole sector of REITs, Irish real estate funds, IREFs, and all that fund and property stuff, first, there are policy issues and if they are implementing in accordance with the legislation, that is the legislation. Then what we identified over time is practices that were not anticipated when the legislation was developed. Where we come across trends like that, we notify the Department of Finance. There were changes in 2017 and 2019 in that sector around responding to activity that was probably not intended to be covered by these arrangements. The Minister has committed, and the Commission on Taxation and Welfare has recommended, that the whole sector be reviewed. Work will start on that now. When the Finance Bill finishes, it is very much on the Department of Finance's agenda that we get together and review that whole area. That will, I imagine, be a consultation process around seeing what exactly is there and whether some of the arrangements are as appropriate as they were when it was introduced.