Mr. David Duffy:

That is correct. Apart from no longer being defined benefit pensions, but defined contribution pensions, the current pension structure requires a much lower level of contribution. The Deputy's point is valid.

As to the deterrent, it would be another contributing factor to the negative environment in which the banks operate. The greatest background challenge is the operational risk of having a large group of employees in a shrinking bank that is publicly vilified, be it politically or in the press. Their pay and pensions have been cut and their benefits, for example, cars, are gone. Name it and it is gone. If one is in that environment and suddenly something else is done, it will serve to vilify a population, the great majority of which had nothing to do with what happened. It may have a negative impact on that population.