Mr. Seamus Coffey:

While we are saying the reliefs and credits are minimal in the Irish system, once we get the calculation of the amount of tax that is due, the capital allowances are huge. They do differ from the royalties, which have continued to grow. The number in the tax tables has fallen but the amount of royalties being deducted is well over €100 billion and is heading for €120 billion per annum. One point is that this is being paid to the US, so maybe we have less concern about royalties being paid to the US because it is subject to immediate taxation there. When the royalties are going to Bermuda, we know that unless they took that profit back into the US, the tax was not being paid. At least now, the royalties are being paid to the US.