Mr. Jeremy Masding:

It is important to remind the committee of the principles around which we built the redress in compensation. The scheme was agreed with the Central Bank of Ireland. We were really keen to ensure there was an independent route for the customers so every customer has the right to appeal. If customers wish to do so they can also go to the ombudsman or to court. Sometimes there is a misunderstanding and customers seem to believe that, once we have righted the harm and paid the redress and compensation, that is it but that is not true. There is a chance to appeal and go to the ombudsman or the courts.

We have had to look at many different cohorts during the process. It is not as simple as converting a fixed rate into a tracker and we have to go through each cohort. The team that does the work is challenged by our second line and our work is challenged by independent oversight from outside. All of it is overseen by the Central Bank so if we have given the committee the impression that we do this in an unprofessional way, I apologise. I hope it is not the case. There is a series of layers and we are trying to do the right thing