Mr. Neil McDonnell:

Intergenerational transfer is not as attractive here. It is relatively not as attractive to transfer a business from one generation to the next. CGT is part of that. Tax treatment of property is also relevant as if the business is split into its business and property components, CGT reliefs do not follow. However, the issue is more that we have not identified and championed Irish growing businesses. That is the key metric. It is not only about listing either, in case I gave that impression. We want to see the next Stripe stay here and scale. We have some good fin-tech exemplars such as TransferMate. That kind of business should be able to stay here and scale. We have a small number of those exemplar businesses, but we should be focussing on those so they can scale and grow outwards and not sell to foreign entities.