Mr. Seamus Coffey:

I would not dispute that. Ms O'Brien has mentioned the issue of sales outside the EU. Ireland would have a significant amount of sales to the US through pharmaceuticals, to countries like Israel through computer processing and to other non-EU countries. To take an issue like withholding tax, Ireland has a huge amount of royalties flowing through the country. If we were to decide to impose a withholding tax on some of those, that withholding tax would be distributed on the same basis as the CCCTB formula, whatever proportion of the profit is allocated to Ireland. We could charge a withholding tax on patent royalties leaving Ireland, but another country would get the money.