Mr. Ger Deering:

This is a complex area. It is possible that, if we have not made a finding in the area already, it is something we could look at. We would have to determine whether any settlement was full and final and whether such a settlement would stand up. We are especially mindful now, in the context of our dispute resolution process, that people can go into mediation and get a suitable outcome without having to worry about the legislative and contract aspects of it.

The Chairman raised an important point which, perhaps, did not emerge earlier. It is our view that many cases were settled in the earlier stage on the basis that the bank had got a finding from the ombudsman and that if someone was heading towards the ombudsman, then the bank would have settled. However, that begs a further question. The banks should not have had to wait for a complaint to be made for that to happen.