Ms Francesca McDonagh:

The Senator is right. The chairman's letter at the AGM referenced the initiation of a conversation with major shareholders about what a more normalised incentive and pay regime could look like. I am on record as saying that I am supportive of normalisation of the banking sector in Ireland. Given the financial crisis ten years ago, I appreciate that many people have strong views about how bankers are rewarded. The Minister for Finance has said that he is in the process of tendering for consultants to undertake a review of bankers' remuneration. We support that, and we would contribute our perspective if asked. Normalisation would allow the sector to attract and retain talent in an appropriate and sustainable way while being mindful that we are not competing against other Irish banks but against international banks that are coming to Ireland. We are also competing with non-banks in Ireland and internationally for talent. I am not just talking about big deal makers but about people who manage risk, security, human resources and the cultural changes we are going through. Normalisation would support that.