Mr. David Duffy:

With regard to the Mercer proposals, we are not making a reduction in salaries as we have done that already, unlike many others. We took it last year. Myself, the senior executives and many senior people throughout the bank took the salary cuts. There were, in particular, many increments. People were entitled to automatic salary increases across the spectrum of the bank, but those have been cancelled and there will be no more. That is just a legacy of time, but we had to take that risk out. We have closed the defined benefit plan, unlike most others. That will generate significant reductions in benefits to the employees. If one says one's real income is one's salary and one's pension, as all the members here will understand, that has been materially reduced in pension terms as a result of the defined benefit plan being moved to a defined contribution plan. In addition, we have required people to work additional hours every week for no increase in pay. It is the combination of those three factors that creates the equivalent of 10%.