Brian Cowen (Laois-Offaly, Fianna Fail)

First and foremost, I would like to assure the Deputy that Ireland continues to be an attractive location for US inward foreign investment based on a number of well known factors. Furthermore, Government policy continues to ensure that our strengths are maintained and promoted through, for example, increased spending in education and training and in overall investment in infrastructure under the National Development Plan 2007-2013.

While I am, of course, mindful of any international developments that could potentially impact on the level of foreign direct investment here, the Deputy will appreciate that the interpretation of specific foreign legislative provisions is a matter for the relevant authorities of the country concerned. That said, my understanding is that the legislation referred to by the Deputy, which was recently introduced in the US Senate, is aimed at locations considered as secretive offshore tax havens and not countries which are US tax treaty partners.

In this regard the Deputy will be interested to note that the double taxation treaty between Ireland and the US provides for a full exchange of taxpayer information between both countries.

Finally, I would like to assure the Deputy that, as is the normal case in such matters, a close watch is kept on any such developments.

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