(1) The  is amended by inserting the following section after section 79B:

"79C.

(1) In this section-

'approved accounting standards' means standards which are in accordance with generally accepted accounting principles in the State or in accordance with International Financial Reporting Standards (as promulgated by the International Accounting Standards Board);

'net foreign exchange gain' means the excess of foreign exchange gains over foreign exchange losses arising on the disposal of currency in a relevant bank deposit by a relevant holding company, but does not include such gains and losses which are chargeable to corporation tax under Case I of Schedule D;

'net foreign exchange loss' means the excess of foreign exchange losses over foreign exchange gains arising on the disposal of currency in a relevant bank deposit by a relevant holding company, but does not include such gains and losses which are chargeable to corporation tax under Case I of Schedule D;

'profit and loss account' has the same meaning as in section 81C;

'relevant bank deposit' means a sum standing to the credit of a relevant holding company in a bank and which is not Irish currency;

'relevant holding company' means a company -

(a) with at least one wholly-owned subsidiary and that subsidiary derives the greater part of its income from trading activities, or