Mr. Martin Shanahan:

We do not interfere with the tax decisions of other jurisdictions. We monitor them closely. I said in response to Deputy Deasy that a number of initiatives and developments are happening worldwide - base erosion and profit shifting under the OECD being one. There are initiatives at European level and there have been new announcements of proposals and developments in the US. The thrust of all of them is an increasing alignment between the tax liability of companies and substance. My belief is, as that progresses, it will be beneficial for Ireland because of our attractive corporate tax rate of 12.5%.