Brian Cowen (Laois-Offaly, Fianna Fail)

The corporation tax yield from all IFSC companies in 2003 was over €600 million or approximately one eighth of the total corporation tax yield for that year. We must see it in terms of the contribution it is making. It is making a contribution of 12.5% of total corporation tax yield which itself has hugely increased since 1997, during which period the rates were progressively reduced. We must acknowledge that fact.