The resulting loss of revenue was particularly dramatic in Ireland where during the boom years the government relied increasingly on taxes that were dependent on the state of the business cycle, and on activity in the housing market in particular. When the crisis struck, tax revenue collapsed  15  See Crowe et al. (2011a). 16  See Claessens et al. (2008a).
Further efforts to provide flexibility and help modernize bank holding company regulations have been directed toward securities firms known as section 20 affiliates. Last year the Board raised the Section 20 ineligible revenue limit on underwriting and dealing in securities from 10 to 25 percent. This appears to be allowing greater flexibility for these operations.