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Ryan McGrath at Cantor Fitzgerald looks.....>

IRELAND
IRELAND: Ryan McGrath at Cantor Fitzgerald looks at the news that Facebook
announced that they would non longer be booking non-US revenues from large
advertisers through Dublin. 
- The point to be made here is not that this particular decision by Facebook
will have a significant impact on the amount a tax revenues. Indeed, RTE report
that Facebook only paid E30mln in Irish taxes last year. Ryan McGrath makes the
point "if the decision by Facebook is replicated by other major tech companies
who have their international headquarters in Ireland it could result in a
significant reduction in the corporation tax collected by the State." Adding
that changes in global taxation is a key risk for Irish spreads.
- The Bund-Irish spread is 1.0bp wider at 21.1bp today and underperforming other
parts of the semi-core.
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