Mr. Niall Cody:

When we identified various issues with the whole funds industry that surprised us and that were never planned, we proposed to the Department of Finance various changes. Changes were introduced and that led to an increase in tax. We were then surprised at the reduction, and that is why we are examining the matter. We have been asked many times about how many audits we did of section 110 companies and the resources we devoted to such companies, funds and IREFs. If they are constructed not to have a tax liability, they are working as the policy intended, whether-----