Mr. Conor O'Brien:

I believe there is increasing scrutiny in many countries. It is correct to say, however, as I am sure the officials from the Department of Finance have told the committee, that the Irish system is relatively transparent. The tax legislation is complicated but it will tell one the tax rates that will apply. No one will give a company a letter saying the rate is 12.5% but it can have a 3% rate. That does, in effect, happen in other countries which have special regimes that are quite opaque. For example, it is very difficult to understand how the tax rate evolves in Singapore but essentially a deal is cut between the taxpayer and the revenue authorities in many cases. That can also be the case in Switzerland, where there may be a different treatment in each of the 18 cantons. The rate is a quasi-negotiated rate in many cases.