Mr. Niall Cody:

Revenue is responsible for bringing to the attention of the Department of Finance loopholes that give rise to the erosion of the Irish tax base. That is what we are looking at. The example of the section 110 process is where Revenue would have seen the use of the section 110 arrangement in relation to Irish property assets. When section 110 was introduced, it was always seen as supporting the international funds industry. With regard to the issue around the timeliness, corporation tax works on a time lag. We will not see it as it is happening.