Mr. Barry O'Leary:

The vast majority of investment here has huge substance behind it. If one has huge substance, it naturally gives one an advantage on transfer pricing. Ireland, going back a number of years, did not really have transfer pricing legislation. It was introduced a few years ago and is in operation now. If there are changes in transfer pricing, it depends because we do not know what the new world of global taxation is going to be, but the generation of intellectual property and its commercialisation and investment in bricks and mortar around it are going to be key elements of a competitive global tax offering. That will determine how transfer pricing works and the new rule. In other words, if one has a lot of the generation of the IP, the assets and the commercialisation, Ireland could benefit from the new changes around the world.