Professor Patrick Honohan:

Oh, I think it is. It's always a view ... it's certainly the case today. We are quite constrained today and it's ... and it's a common complaint of regulators all over the world. A few countries just ignore it, ignore the sort of sense of comparability with public service salaries and that and they just pay whatever it takes and they ... they pay very high salaries but the skills required for the Central Bank are very high and they're very marketable. If you know the sort of stuff that you need to know to be a good financial regulator, or a good central banker in general, you're probably able to walk out and increase your salary by quite a lot. So if salary is important to you, which it is to a lot of people, then you will stay for a while.