Professor Philip Lane:

As I said to the Senator, there was a considerable engagement in 2010 and 2011 where many cases were identified and actions taken. As such, there was an initial wave of engagement on this issue. The nature of supervision is that it is bank-by-bank. At this point, we have moved to this universal approach rather than one of engaging with a problem where we see it. The decision was that this was so widespread that we should go the other way and that means a bank needs to prove in every single case that it was handled correctly rather than us just focusing on cases where a problem has been identified.

The reality of the legal system is that delays can be considerable. The fact that there was a considerable delay associated with the uncertainty involved in the resolution of that court action is of little comfort to those affected but that is the reality of-----