Professor Patrick Honohan:

It's possible the impression is given that "Oh we've just some findings, oh look a violation, that's it, now I'm going to go on and do something else." This is not the case at all. We had the CCMA since 2009 and the banks pushed back on it very vigorously. But they had to do it and they put their systems in place and they started to deal with the customers in the way we considered to be appropriate. We found, in some respects, that was unworkable, in terms of the numbers of phone calls, and so on and so forth, and so we tightened, we relaxed it in some respects, and tightened it in other respects. The troika wanted us to relax it a lot more, but we wouldn't do that. And so we got the revised one out in 2013 and the banks were still very annoyed with it. But they had to put their procedures in place. We have been monitoring them continuously in the context of the mortgage arrears resolution process, and then we had this other cross-cutting assessment to look, not just at particular cases, but to look at their practice. It's an ongoing process, we continually force them to do more and more. Will we fine them? We might, we might. But we have to be graduated in these things. Are we going to send somebody to jail for the violations? No.