Mr. Conor O'Brien:

On the first point, I agree with the Deputy that it is a very important tax issue. I think that tax authorities are awake to it and police it and it is getting increasing focus. Part of the base erosion and profit shifting, BEPS, project is to examine the entire area of transfer pricing. As for the difference between the EUROSTAT effective tax rate, I think the funds issue explains it and that Ireland's effective tax rate is in or around the 12% rate I mentioned earlier. Ireland is not unusual in allowing deduction for these types of payments. Every sensible tax system in the world allows for deduction for such payments. There is of course a further piece of the jigsaw, which is that the United States has decided under its tax rules that it will allow such payments to go from countries like Ireland, the United Kingdom and Germany to the Caribbean and when they arrive in the Caribbean, they are not taxed. This is allowed in the US tax system and that is a tax policy choice by the United States.