The fall-out for Ireland of controversy about the amount of tax paid by Apple and other US multinationals will be muted, according to one of America’s leading bank executives.

Jim Rohr, the executive chairman of PNC Financial Services Group, claims that there is no real appetite in the Obama administration to reform the way US corporations are taxed.

He also believes that an increase in Irish corporation tax would not necessarily reduce the attractiveness of Ireland as a location for US foreign direct investment. “I think that to totally overhaul the tax system here would take a major change in thinking and the administration that is going to be here for the next three years has never expressed any serious interest in doing so,” said Mr Rohr, who stepped down as chief executive officer of PNC earlier this year. PNC has assets of $305 billion, making it the ninth-largest US financial services group. Source: The Irish Times