Ms Mary-Elizabeth McMunn:

To supplement Mr Cross's point in the context of the European changes, when we talk about clawback, it is envisaged in circumstances, for example, where a staff member has participated in or was responsible for conduct that resulted in significant losses for the institution or failed to meet the appropriate standards of fitness and probity. It is quite specific in terms of the circumstances where clawback can arise.

To answer specifically the Deputy's question regarding the salary cap in institutions that are still subject to State ownership, that has been the subject of previous discussions at this committee with the deputy governor, Mr. Sibley, and the Governor, Professor Lane. In the first instance, we indicated this is a matter for the Oireachtas, but the deputy governor, Mr. Sibley, indicated we did not see a case at this time for changing the position on the cap for senior executives. However, we thought there was some merit in the context of looking at staff underneath that level with respect to the restrictions that apply to a much larger set in terms of individuals who work within the banking sector. That would need to be looked at carefully from that perspective. We have been asked for our views on the review that is ongoing. We are considering our response in that regard and, as I said, I am reiterating a position in that regard articulated by the Governor, Professor Lane, and the deputy governor, Mr. Sibley, to this committee previously.