Mr. Seamus Coffey:

One would hope a global system would be able to counteract that. For example, if the selling country had an effective capital gains tax, that would act as a disincentive to boost the price. From an Irish perspective, we cannot really control that Bermuda does not have a capital gains tax, so are those companies going to boost the price? They should be at an arm’s length and the legislation requires that they be at an arm’s length. By and large, it seems that when the IP has come, the profits have surged, so these are clearly very valuable. If somebody has the right to use the IP of these companies, they can earn tens of billions of profit, and that then means the IP is worth hundreds of billions. We are talking huge figures so, clearly, we can say whether it is right or wrong to a certain degree, but in ballpark terms, they appear to be right.