Professor Patrick Honohan:

We were bound by the legislation that governed ... the FEMPI, the successive FEMPI legislations; bound by the pension levy, which was an onerous thing; and then the reductions, the FEMPI reductions that were in the budget of, whatever it was, November 2010, October ... November 2010. Well, we found ... we held ourselves to be bound by those and we were certainly bound by the FEMPI 2013 ones, which actually ... and that brings us into another time period for the afternoon, but those have had a very severe effect because we were the only organisation that had actually hired people in the period 2010-'11 and so when the reductions, 2013, they came to people ... not people who had floated up and got great salary increases and now have lost some but people who had come in at market price. They could get the job ... a job somewhere else and now they were having their salary cut. So it is an issue. It's a bit of a problem.