Mr. Mark Redmond:

I thank both Deputies for their questions. It is correct that this is not a magic wand and it should not be portrayed as such. It will not solve the problem of the 330,000 jobs we have lost since the crisis. As I said, Members of the Oireachtas recognise the budgetary challenge of trying to incentivise the creation of jobs. This is a move in that direction, by making it easier to trade with our largest trading block, without expenditure to the State. It is right to raise and debate the issue of the diminution of standards. European Commission negotiators are adamant that there will be no diminution of standards and the same point is made by the US negotiators. We must monitor this, but, as Mr. Cotter said, the levels of standards among the member companies we represent such as the pharmaceuticals and medical appliances industries are exceptionally high on both sides of the Atlantic, as they should be. We are suggesting we should not duplicate a set of high standards and should see if we can provide for synergism.

On the tax haven debate, Ireland is absolutely not a tax haven. I always try to think of the 115,000 great people working for US companies here producing great products and services, creating jobs and spending €20 billion in the economy every year through payroll, goods and services. That is real substance and the opposite of a tax haven.

On the idea that companies come and then depart, the company mentioned in Waterford is staying in Ireland. Thank God, 400 new jobs were announced this morning in PayPal in Dundalk. It is a great boost of confidence for Ireland and people in the region are delighted with the news.