Mr. Conor O'Brien:

I have to say I am not an expert on the EUROSTAT figures but the Department of Finance paper looked at the EUROSTAT figures and it said the reason the EUROSTAT figures give a low rate is because it includes within them investment funds. It points out that because we have a large fund management industry in Ireland, there is €1 trillion in investment funds based in Ireland. Those funds pay no tax. That is what is dragging down the average in the EUROSTAT figures, and that is explained in the Department of Finance figures. If someone goes into the AIB investment fund, the fund itself pays no tax. On distribution to the unit holder, a tax is paid by the unit holder, in effect. That is the Department of Finance's explanation for the difference, and that makes sense to me. That rationalises-----