Meanwhile, away from the ranch, Goodbody stockbrokers has teamed up with with Hughes Blake accountants to launch a joint venture, EIIS Management, based upon the tax scheme. I hear they are looking to tap well-heeled investors for as much as €20 million for their first fund, which closes in December.

The Goodbody 2015 EIIS fund will likely invest its cash in businesses such as hotels, nursing homes, manufacturing facilities and wind farms. No word yet on dairy farms.

Goodbody's head of wealth management Eamonn Glancy said his clients "are showing greater investment appetite". The fund is also likely to consider food businesses.

Investors can put a maximum of up to €150,000 into the fund, which will run until 2020. There is a 3 per cent commission, as well as 2 per cent in exit costs. The scheme is one of the last significant income tax shelters out there, and EIIS investors can offset the cash against all income, including rents.

Goodbody's Glancy will sit on the board of EIIS Management, along with Hughes Blake principal Neil Hughes and senior executives from both firms.

Veteran accountant Anthuan Xavier, who once co-owned Four Star Pizza and currently chairs Odaois Foods, will chair the board. I wonder if he will also supply the nibbles for board meetings.