Eoghan Murphy (Dublin Bay South, Fine Gael)
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In regard to the OECD, the officials worked to published guidance from the OECD in regard to how these amendments might best be structured to ensure they achieve their intended purpose. Obviously, the publication of the amendment in September in so far as section 110 is concerned led to a number of representations being made not only on the section 110 issue but on section 122 and what we are trying to do with the IREFs. Some of those representations were made to the Department and others were directed to me. They sought to ensure that, from a technical point of view, no unintended damage was being done to our offering in so far as the funds industry in Ireland is concerned because it is such an important part of our offering. It was important to do that and at the same time ensure we maintained the strong anti-avoidance tax purpose of the amendment. Many of the representations received were very helpful in this regard. This is the reason for the tax changes we have seen over time.

In regard to the five-year target, earlier I read into the record a note on how the officials had arrived at the budget allocation of €50 million for 2017, as provided for in the proposed new section 21 and section 22.