Mr. Niall Cody:

Ultimately, corporation tax losses can be carried forward to be set against income from the same trade in future years. They are carried forward year on year. I have set out that somewhere in the region of €200 billion in losses were carried forward into 2016. There are various restrictions that apply, depending on factors such as if trade changes. It is not completely open ended, but if a business is in the same trade, losses can be carried forward into the following year until they are used up. It reflects the fact that companies are taxable in the year in which they make a profit and-----