Mr. Gerry Cross:

I will answer some of the Deputy's questions and I will ask Ms McMunn to answer the other questions. The Deputy's focus on the issue of remuneration and pay in the advance of the crisis is exactly right. The issue of pay before the crisis was a very big problem. Internationally and at the European level, a lot has been done. This is not specifically what the Deputy asked about, but it is important to set the context. In particular, there has been a very significant focus on aligning the incentives that executives in banks and other financial firms have with the risks they allow their institutions to run, whether it be clawback, long-term investment, malus etc. A lot has been done on that and that has changed the context fundamentally.

Second, in Europe specifically, there has been the introduction of a bonus cap. It was introduced as part of the capital requirements review post crisis alongside other important governance changes. We basically said that, in principle, no one should receive variable pay in excess of 100% of their fixed pay, and that can be raised subject to a vote of the shareholders. That is the broad context where a lot has been done. Specifically in the Irish context, we have the specific cap, about which the Deputy asked, and Ms McMunn will comment on that.