gave the second boost to the Celtic Tiger from 2000 up until the Irish economic crisis in 2009. In the 1998 Budget (in December 1997) Finance Minister, Charlie McCreevy introduced the legislation for a new regime of corporation tax that led to the introduction of the 12.5% rate of corporation tax for trading income from 1 January 2003. The legislation was contained in section 71 of the Finance Act 1999 and provided for a phased introduction of the 12.5% rate from 32% for the financial year 1998 to 12.5% commencing from 1 January 2003. A higher rate of corporation tax of 25% was introduced for passive income, income from a foreign trade and some development and mining activities. Manufacturing relief, effectively a 10% rate of corporation tax, was ended on 31 December 2002. For companies that were claiming this relief before 23 July 1998, it would still be available until 31 January 2010. The 10% rate for IFSC activities ended on 31 December 2005 and after this date, these companies moved to the 12.5% rate provided their trade qualified as an Irish trading activity. The additional passing of the important Irish Taxes Consolidation Act, 1997 ("TCA") by Charlie McCreevy laid the foundation for the new vehicles and structures that would become used by IFSC law and accounting firms to help global multinationals use Ireland as a platform to avoid non-US taxes (and even the 12.5% Irish corporate tax rate). These vehicles would become famous as the Double Irish, Single Malt and the Capital Allowances for Intangible Assets tax arrangements. The Act also created the Irish Section 110 SPV, which would make the IFSC the largest securitisation location in the EU. Post crisis zero-tax economy (2009–2018) The Irish financial crises created unprecedented forces in the Economy. Irish banks, the largest domestic corporate taxpayers, faced insolvency, while Irish public and private debt-to-GDP metrics approached the highest levels in the OECD. The Irish Government needed foreign capital to re-balance their overleveraged economy. Directly, and indirectly, they amended many Irish corporate tax structures from 2009 to 2015 to effectively make them "zero-tax" structures for foreign multinationals and foreign investors. The US Bureau of Economic Analysis ("BEA") "effective" Irish CT rate, fell to 2.5%. They materially expanded the capital allowances for intangible assets scheme in the 2009 Finance Act. This would encourage US multinationals to locate intellectual property assets in Ireland (as opposed to the