Mr. Niall Cody:

The funds industry is a core component element of the Irish financial services sector. From a tax perspective, it is constructed in a way to minimise any opportunity for tax evasion. We are quite satisfied that it is a legitimate part of the Irish system. We monitor the low number of Irish investors in the funds industry. While it is in the funds industry, it does not attract tax, which happens when it is taken out of it and there are special rules in relation to that. There are 13,000 jobs involved in the funds sector. It is legally constructed - the tax system - to minimise the exposure to opportunities for tax evasion.