Mr. Philip Kermode:

For the moment, there are the three that were announced today involving three different member states. I would hesitate to give the Deputy an absolute time as this falls within the responsibility of the Commissioner, Joaquín Almunia. It is well-known practice that these investigations operate to a reasonably tight timetable. I do not expect it to extend forever.

On the other hand, everyone accepts it is a complex subject. The transfer pricing rules are the subject of considerable discussion in the BEPS exercise. The whole question of establishing what is an appropriate transfer pricing between related companies is of necessity a complex exercise.

Having said that, in the past the competition authorities in the EU have examined the impact of individual tax ruling cases and notably, if my recollection is correct, a matter involving Belgium in the early 2000s. Three different cases in three different jurisdictions were involved, but all were aligned on the issue of rulings on transfer pricing. It is clear the Commission has no issue with the concept of tax rulings per se. The question is whether the tax rulings on which investigations have been opened are problematic. It is clear there are situations where being able to give a tax ruling provides a degree of certainty to business about what it can or cannot do. It is only problematic when it could be state aid.