In 2000, when the Organisation for Economic Cooperation and Development (OECD), the chien de garde in the fight against tax avoidance and tax evasion, threatened to place Mauritius on the list of tax havens, we were one of the first countries to commit ourselves to eliminate any harmful tax practice from our tax regime, and to a programme of effective exchange of information in tax matters and transparency.
There would be no point in selecting a rate that might find itself quickly in the same kinds of conditions that LIBOR is in now. In our view, the ARRC has chosen the most robust rate available. In general, only overnight unsecured or secured funding markets appeared to have enough underlying transactions to produce a robust rate.