Mr. Matthew Elderfield:

Staff turnover has not been too bad. I do not have the numbers to hand but it has been below 10% for most of the time I have been in place. The one area that tends to have a higher turnover is insurance supervision because we have a large international insurance market and there is a great deal happening in regulation and solvency, which is an issue we can discuss in greater detail if Deputies wish. This is a highly skilled technical area in which we have an above average turnover. As we all know, the job market is constrained because of the economy. This is particularly the case in banking where turnover has not been high. However, if one looks ahead to when things start to go well, that is when it will become difficult for a supervisor. One must then start to say "No" because one needs well-qualified staff who understand the business models and can challenge when things are getting too hot. That is the moment of risk when turnover could increase and it is one to watch.