Ms Mary O'Dea:

The context actually there is that in 2008 you'll recall that there were many measures being introduced by Government in terms of cutting back public sector pay generally. Now the Central Bank and the regulator are independent of Government but nevertheless, the tradition has always been if there was a public sector change in pay that the regulator and Central Bank would follow that change in pay and they had committed to delivering the savings of ... I can't remember, was it 10% or something like that of the pay bill ... I can't remember what the specific amount was. But they had committed to delivering the same savings that the Government Departments were being asked to deliver within their own budgets. So that was, if you like, in the context of the various austerity measures being introduced in 2008.