Mr. Michael Torpey:

Deputy, the pay levels in the banking sector and the pay structures in the banking sector, at the height, shall we call it, were very high and it would be very, very difficult to argue that they weren't excessive. In response to developments within Ireland and internationally, in general terms, the authorities, the EBA in particular, have introduced guidelines in relation to remuneration to ensure that remuneration structures are appropriate to the nature of the business and I believe that the EBA response is an appropriate response and will lead to pay levels being driven by competitive factors but being appropriate to the nature of the industry.