Mr. Niall Cody:

We are carrying out a review. Over the years, there has been many a debate with the Minister around the whole sector. The changes that have taken place over time have been as a result of us looking at what is going on. This goes back to our large corporates division realignment. We set up a branch specifically around the whole area of, let us call them, funds. They are not big payers of tax in the context of the tax that we are responsible for. I remember many a time we were asked how many audits we did on them; we looked at it and said, "Why would do an audit on them? They will not have a tax liability". We have a branch in large cases looking at the whole funds industry. Over the past while, between that branch and our policy and legislation people, we have been keen to find out what is going on in the sector, what trends are going on in the sector, and, to the extent that unintended consequences are happening, to bring them to the attention of the Department. Some of the changes over the past number of years have come as a result of that work. That branch is actively looking at, as the Deputy rightly pointed out, shareholders exempt distributions, etc. I am not saying that there is anything wrong in the sector but we want to establish the facts and if there is something we should bring to the attention of the Department, we will. That work is ongoing.