Mr. Martin Shanahan:

One single change will not make or break things; it is the cumulative effect that matters. I am not in a position to say exactly what impact an increase in employers' PRSI would have on decisions, but I can tell the committee that the more one increases the cost of employment to employers in Ireland, the less likely we are to be able to attract investment. It is the cumulative effect of the entire package that we are talking about. Similarly, the more capital gains tax is increased in relation to productive assets, the less likely people are to invest. That goes without saying. One has to take it in its entirety. If one made that change and made another really positive change, that could help.