Ms Francesca McDonagh:

There are certain areas in the organisation, whether in finance or risk, where the skill sets are very attractive to other banks in Ireland or other companies here and we have seen increased attrition in more specialist areas. It is taking us longer to recruit and that leaves vacancies open for longer, which can challenge our ability to serve our customers and execute against our strategy. To embed the culture and values we want, I would really like to be able to vary people's pay based on their performance and on how they drive customer outcomes and give value. At the moment we incorporate such things into their appraisal and we give an employee a rating every year to differentiate what they do and how they did it, but we cannot vary their reward to reflect that. As we transform the bank, improve service and embed our culture, normalised pay within European Banking Authority guidelines would enable a better outcome, both for the culture of the bank and for customers. I know that the issue is divisive and I appreciate that there may be a challenge to that position but it is my view on the normalisation of pay in Ireland.