Mr. David Duffy:

If one wants to obtain the full €20 billion return, one must hire the best talent and the market will dictate the pay level. Many of us have taken our jobs at the pay cap. I have reduced my compensation to 15% below the pay cap and retained it at that level. This is a market force issue. It has taken me a very long time, nearly two years, to hire a chief financial officer. One will not get the value back to the State unless one can attract a chief financial officer of a certain calibre who can bring the bank to the market. It took me two years, not to convince Mr. Bourke but to get him into the bank. These are realistic elements we must deal with and, therefore, the compensation issue, while still the subject of the cap, is not my main focus.