Mr. Derek Moran:

A great deal of change is happening in the international tax environment. To be honest, this is far less about the rate than it is about other factors. The US has introduced its first piece of reform since 1986 or 1987. It has reduced its rate to 21% or 23%. It has provided for the repatriation of profits from abroad. US multinationals were not obliged to bring their profits back to the US. They were expected to do so at one stage, but they were entitled to defer it. The money would come and we would tax the proportion of income that applied to Ireland. Then the money was just out there. Some major companies with tens of billions of statements are now saying they have a liability to the US Internal Revenue Service and will be repatriating that money to the US. That is a good thing for the international tax environment.