Mr. Seamus Coffey:

I do not know what the answer is. There is scope to increase any tax. It is a political choice whether it is done or not. When it comes to specific measures, it would not be something we have strong views on. We tend to view institutions as stand-alone or separate entities. I am not an expert in the area, but I imagine much of the tax would be due at the level of the individual investor who owns a share in the fund. Whether the fund itself pays tax is potentially a separate matter. It is not something we have a strong view on, but like any tax there is scope to increase it.