Ms Breda O'Keeffe:

There was reference to a 24% reduction in operating costs. If one rolls back the clock, as a result of the exigencies of the economic crisis, in response to the fall in revenues, we had to reduce our cost base significantly by about 30% or over €100 million between 2008 and 2012 or 2013. We did this through very significant pay cuts for our staff, averaging between 2.5% and 12.5%, the suspension of bonuses which have still not been restored and other things such as voluntary exit programmes and a reduction in staffing levels by over 400. Significant and extensive cuts were made at the time. The Senator asked if they were sustainable.