Mr. Pádraig Dalton:

What happened in 2015 did not happen for the first time then. There has been a trend in our national accounts towards the relocation of entire balance sheets, primarily made up of intangible assets, into Ireland since around 2011. What was different in 2015 was the absolute scale of it. What gave rise to this in 2015 was there were a couple of events that were of a scale we had never seen before.