Ms Francesca McDonagh:

The Deputy's summary is absolutely accurate with the exception that the restrictions are not just about the €500,000. Very few people in the sector would earn in excess of the €500,000 cap. It is about the variable pay. Variable pay is a way of aligning colleagues' performance with shareholder interests. Those outcomes are related not just to profit but also to whether or not staff are achieving customer satisfaction targets and whether or not they are doing the right thing as far as risk management is concerned. Varying people's pay based on performance can be a very good thing if applied appropriately. There are new European Banking Authority regulations that are very clear. We are one of, I think, very few banks in the European Union that still face restrictions. The Deputy's summary is right, however. If we were to acquire another entity, "entity B", that was not covered by bankers' pay restrictions, we would, subject to agreement with the Minister for Finance, seek to maintain competitive pay for talent, for which I understand there is now precedent with our competitor.