Mr. David Duffy:

I will have to do a little bit of thinking and revert to Deputy Higgins with the exact numbers. In my own case, as a top executive I came in on the cap. I took a decision with the senior executives to make a proposal to the board to reduce our pay by 15%, which we did, and that has been implemented. All of those executives have lost all benefits associated with it and pensions have also been cut and discounted severely. As we mentioned earlier, the defined benefit plan closed and instead, there are lower levels of contribution on a defined contributions plan. We have been implementing cuts not only at our level but throughout all levels of the organisation. There have been cuts of 10% at lower levels and, as we got to the lowest levels of the organisation, we felt it was inappropriate to impose cuts and instigated pay freezes. Within the context of the overall expense of the organisation, which is the broader issue with which we concern ourselves, we have looked at tackling the absolute cost of people. We have been able to reduce the number of people in receipt of more than €100,000 by 40%, and where there were a certain number receiving more than €200,000, we have taken that down by 60%. While we still have plenty of work to do, we think it is appropriate to rebalance the cost equation in the bank and consequently, we started with the executive. Even though I came in on the salary cap and others came in on less than the cap, we all accepted, on foot of our own proposal, a 15% cut in our compensation. We then thought the entire bank needed to take some pain, which we did, after which we thought that the absolute number of people on higher salary levels needed to be reduced materially, and it has been. I am not saying our work is complete but we recognise that level of adjustment is the first phase of adjustment that is required in the bank.