Mr. Conor O'Kelly:

Yes. Bonuses and performance-related pay have been part of the NTMA model historically and people have a bonus provision in their contracts for the most part. During the crisis, bonuses were not paid and performance-related pay was not really a feature, and appropriately so. We have an independent board and an independent remuneration committee and they set the remuneration policy. Within financial services and the sector that we are in, variable pay and performance-related pay are part of the competitive environment. Financial services is a well remunerated sector and whether that is right or whether it is overvalued or undervalued is a debate for another forum. We are operating in a marketplace where that is becoming more of a feature. For that reason and due to the competitive pressures that are there, the board and the committee decided to increase the amount to just short of €500,000. As a result, 60 or 15% of the 430 employees of the NTMA received performance-related pay, which means 85% of employees did not receive any performance related pay. The average payment was around €8,000, which I believe is proportionate. While recognising that we cannot and will not compete with the private sector, we have to recognise that we want to recruit, hire and retain the kind of expertise that we need to conduct our mandates and that this expertise is valued in this sector in the marketplace.