The success of the IFSC: It is tremendous to see how well it has worked out.

Changes in corporation tax: The 12.5 per cent tax rate is going to be very good for corporate Ireland and will be very good for the services sector in particular.

Changes in the Irish business psyche: The whole work ethos and culture of entrepreneurship in Ireland is also fundamentally different than it was 10 years ago.

The high taxation of the past: There is an old saying that there are two rates of tax at which you get no tax revenue at all. Zero per cent and 100 per cent. For a fair bit of time we weren't far off 100 per cent.

The perils of that regime: If the top tax rate is 80 per cent the encouragement to actually hide cash away is pretty high.

How things have changed: We are now at a point where tax rates become acceptable.

The prospects for further mega-mergers in the accountancy sector: I don't think it is at all likely that there will be another . . .