Although the population of those 15 years old and over has been leveling off, the number of employees has been increasing steadily. If the number of employees keeps increasing in line with the continuing economic expansion, a further tightening of labor market conditions will become inevitable.
Deleveraging at individual banks is a critical part of the necessary restructuring process. By the end of 2013 the core components of the banks will focus on supporting the Irish economy. In the meantime, assets for disposal and deleveraging will be managed though non-core divisions. We have ensured that capital is set aside to support this deleveraging process.