Mr. Martin Fraser:

The minutes to which Deputy Boyd Barrett referred are accurate. Generally speaking, the conversation in so far as the official side is concerned serves to say what Government policy is. There is not much conversation back and forth about it. I stated earlier that the private sector side of the financial services industry - it does not represent all of industry - has its views. It is not generally discussed at any great length at the Clearing House Group. The Deputy can see as much in the minutes.

Deputy Boyd Barrett has made a number of remarks which I cannot really comment on. They represent a view that the Deputy holds. The Government policy is to stick to the 12.5% corporation tax rate and this has been the policy of successive Governments. As I stated earlier, we try to run a transparent statute-based tax system in the country. The Government decides the tax rates and that is the policy.