Mr. Seamus Coffey:

That is very difficult to assess. We have had these international changes for a number of years. I remember being here when the Organisation for Economic Co-operation and Development, OECD, first announced the base erosion and profit shifting, BEPS, project and that was viewed as a very significant risk. It is possible that the OECD process has contributed to the large receipts that we have seen here in Ireland. There is no doubt that there are risks but at this early stage I would be reluctant to say in what direction they will go.