Kieran O'Donnell (Limerick City, Fine Gael)
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But I'm quite happy on the tiered system. But why, between '06 and '07, do we have ... that it was based 45% ... for '06 and '07 ... 45% based on profit, 55% based on costs, and suddenly the following year, '07-'08, that was completely ... all the weighting was put towards profits. Seventy-five per cent your bonus was based on profit and 25% of it was based on costs. And I suppose the question I'm putting to you ... in that year, '07-'08, in ... to the year ended 31 March 2007, you made €4 million of a profit ... sorry, €4 million of a salary. You'd, in essence, €1 million of a basic salary per annum and you'd a performance bonus of varying between about €1.2 million per annum ...it went double that figure in '07. So the question, I suppose, I'm asking you is: how can you justify that level of salary and how ... why did the dynamics, the mix, change between '06 and '07 ... where it was all appeared to be profit driven? So, did you ... in terms of the structure for top executives in Bank of Ireland, were the bonuses driven by profit and, by implication, your salary and your bonus is driven by profit? So effectively, if the bank was lending, basically your salary and your bonus was going up. And how do you justify €1 million a year basic and roughly somewhere between €1.2 million and €2 million per year of a bonus on top?