Mr. Gerard Brady:

There is a long way to go. I sit on the tax committee for business on the OECD and those are the kinds of numbers we are hearing. For example, the US has already a minimum rate of 13% through its GILTI, global intangible low tax income, tax proposal. It is unlikely to want to go much lower than that. We are probably proposing a lower rate than that. However, the power dynamic is difficult and there is a significant challenge for Ireland. Some of our traditional allies on these issues have moved to the other side. We need to prepare for it.