Mr. Philip Kermode:

The issue of reputation was raised earlier. The question of how people react to the reputational damage caused by public interest in what is going on is an important issue. In the public forum certain cases have been identified which has pushed the discussion but one cannot say much more than that.

There is definitely a problem with the global architecture. There is no doubt about that. There is a problem with the differences between the way jurisdictions treat certain types of transaction. There are problems with mismatching hybrids that we talked about. Where these are more exploitative than other places depends entirely on the given situation. The Deputy mentioned the digital economy. It was one of the conclusions of our digital economy group, or at least it was mentioned in its report, that they felt that in the digital economy there is perhaps more scope, or greater scope, for manipulation of some of these rules.