Mr. David Duffy:

The issue has two parts, the first of which is the absolute overall pension liability for the bank. We believed on assessment that the absolute pension cost to the bank was unsustainable. With the model we were operating, the benefits employees today are receiving are significantly in excess of what they should be in a market that we would see as sustainable. That is why we addressed pensions overall as per the document the Deputy has before him. We have addressed the issue to materially reduce the cost to the bank and, ultimately, the taxpayer.

The Deputy asked about specifically addressing the pensions of previous individuals. The question was raised with the chairman at our annual general meeting this year and the chairman has committed to evaluating the ability to request a voluntary contribution back from a range of individuals in the history of the bank. He has committed to doing this by the end of the year.