Mr. Conor O'Brien:

As I mentioned earlier, one measure we could contemplate is a change to the residence rules. We could, for example, go down the same route as the United Kingdom in that regard. If we were to do that, however, we probably would have to allow companies which established themselves on the basis of the rules we have had for the past 150 years time to reorganise. If somebody did the types of calculation in five years time that were done previously on Irish-incorporated companies, having made all companies Irish resident over a reasonable period of time, the effective tax rate number would pop up as 12.5% or thereabouts instead of 2%. Doing that might address the adverse publicity we have seen. The only reason one might decide not to take that course of action would be based on the argument which could be made that it would be a case of allowing our tax system to be founded or designed on the basis of criticism that was unfair or ill-informed.