Mr. John McCarthy:

That is very close. We published a medium-term forecast for the economy and the public finances in January in advance of the election because the situation vis-à-visthe budget had changed. The budget was based on a disorderly Brexit. In January, we said that because of BEPS, we would lose €500 million every year from 2022 onwards. That amount would accumulate. There would be €500 million in 2022 and €1 billion in 2023. We went out to 2025, when the loss would have accumulated to €2 billion. We also said that that owed purely to BEPS and that if a company relocated from Ireland, there would be an additional hit on the corporation tax front.