Mr. Maurice Crowley:

At one level, we are waiting to see what the Korn Ferry report produces. It is a challenging topic because if one looks at the sector in general, the domestic retail banks are competing to retain or attract talent. I am speaking not only about senior executive level. They are competing with other banks domestically and internationally with respect to specialist roles. Given the way banking is going, they are competing for talent as much with the technology companies. If one looks at the vast body of a bank's IT staff, quantitative analysts, risk and compliance people, they are in demand across the sector and not just within the retail banks. Remuneration in whatever form is part of the retention process and part of the attraction process. I am not sure exactly what is appropriate in banking terms given what has happened, but one must recognise at the same time that one is competing with companies with share schemes, bonus schemes and variable pay schemes, however constructed. If we are not to weaken the underlying fabric of the banks in respect of the talent we get or seek to attract, we have to look at what is in the mix. That is the general comment I make. Whatever happens on the remuneration side must be reflected as well-----