Paschal Donohoe (Dublin Central, Fine Gael)
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It is important to put our efforts on ATAD transposition into context. There were many other elements of the ATAD that were equally important and that Ireland fully delivered on time, for example, changes with regard to exit tax, control of foreign companies, hybrids and the work we have under way in this Finance Bill with regard to reverse hybrids. It is the case that while we delivered all of those other expectations on time, there was a particular issue that we had in regard to interest limitation. The stance I took was driven by my view that the existing rules we had were effective. The Commission took a different view in this regard. We were not on our own within the European Union on this particular issue and other countries were also subject to proceedings from the Commission. While I never want to be in the position where we are subject to that kind of action by the Commission of the European Union, I would still make the point to the committee that it has paused what it is doing in recognition of the action we are now taking in this Finance Bill.

In regard to the sectors that could be affected by this, they are ones that tend to have very valuable assets and very high levels of borrowing, and, therefore, the sector likely to be most affected by this here in Ireland will be the aircraft leasing sector because of the value of the aeroplanes leased and the role of borrowing in this regard. The Deputy asks whether they have looked to engage with us on this. Through the public statements we published in regard to how we are going to implement this and the public consultation we have had under way on the general implementation of this change and other changes in corporate tax, they have given us their views in regard to it. As best as we can, we have tried to deal with the different issues they have raised but, overall, this is a fundamental change that we believe is necessary to fulfil the commitments we have both to the OECD and to the EU. Any public consultation response that we have made or received is published on the Department of Finance website. I understand one of the key issues that matters to the aircraft leasing trade is the difference between operating lessors and lessees.

In regard to the more detailed note I have with me, I will of course make it available to the committee.