Mr. Seamus Coffey:

We do not see this arising with companies in other countries. Other countries have similar regimes in place. German, French and Italian companies are not moving intangible assets to Ireland to benefit from this regime because they cannot generate assets to split their profits. It is a function of the US tax code and the US approach to transfer pricing that allows them initially to split their profits into foreign and domestic. That is the crux of the matter. If they could not do this, they would not end up here. Ireland is central to it because that is where the assets are moving.