Professor Philip Lane:

I ask the Senator to let me make two points. First, very early on in this process in 2010 and 2011, there were supervisory actions which involved a wave of measures at that time. In 2012 to 2015, there was a delay in our ability to use some of our enforcement powers because of that open court case. There are reasons this delay has occurred. Let me make two further points. First, while the delay is very regrettable, the comprehensive approach initiated and led by the Central Bank is going to deliver, not as quickly as we might like, redress and compensation for those affected. I make the additional point that there is no doubt that the scale of what we see now, had we known how pervasive this was, means the Central Bank should, with the benefit of hindsight, have------