Professor Philip Lane:

That is not the way to think about it. In 2010 and 2011 there was significant engagement with a number of banks. The problem was recognised very early on in various banks. One reason for the delay to 2015 was that a court process was in place, whereby a bank queried a finding from the Ombudsman. Unfortunately, given the delay in the court process, which I understand was initiated in 2012, the bank only withdrew its appeal to the Supreme Court in early 2015. That delay is regrettable but, to a large extent, it was driven by the court case rather than-----