Mr. Ed Sibley:

First and foremost, that is a matter for the Oireachtas to determine. It is part of the legislative framework, but within it there are certain choices to be made. The banks in State ownership are run as commercial enterprises. That is what the country decided was best to deliver the best outcome for the taxpayer. Obviously, it is perhaps subject to some discussion. It is true that in some of the senior level roles I have described people can earn more money in performing similar roles in institutions elsewhere, be they banks or non-banks. If it is purely a pay dynamic when people choose to stay in or enter into a role, that having lower pay thresholds will reduce the pool that can be either kept or recruited. The impact this has on the ultimate return the taxpayer receives is a choice for the Oireachtas. What we are most focused on is making sure the incentivisation lines up with ensuring the institution is run in a safe and sound way and a way that treats the customer with respect.