Professor Jim Stewart:

It is realised that there is a problem with the Cayman Islands and Bermuda and other places. The US has passed legislation dealing with inversion and the Cayman Islands. One issue is that these profits are seen as actually arising in Ireland and hence, they should be taxed here, but apparently they are not being taxed. It is a problem of the Irish tax regime. We feel the heat in Ireland but the Deputy can rest assured that in Luxembourg, the Netherlands and other countries with very favourable tax regimes - the Swiss banks have been subject to significant fines in the US because of their assistance with tax avoidance and evasion - it is not just Ireland because there is a general move from certain countries to crack down on tax haven type activities.