Mr. Padraic Kissane:

The scope of the investigation has widened and it has only come about since 2015. I know many would not accept this but, based on the work I have done with the Central Bank, I believe they have actually come a long way in what would be considered quite a short time. The problem is that the overcharging is now being identified as having occurred initially from 2008-2009 onwards. That is what is causing the issue.

In some respects, I am nearly responsible for the length of time Ulster Bank is taking because one of the first things I told the Central Bank was, "The first thing you must do is, when identified, stop the harm; put them on the tracker rate." I agree the redress process should not have taken since March and I do not know why it has. It has set off with a test amount of approximately 40 people. I know where people are going now. In reality - the banks are correct in this - they are essentially borrowing from themselves at the moment because most of the €200 million provision belongs to their customers.

The guys who are happiest in all of this are the consultants, the external auditors and the legal firms. They are absolutely loving this. All bank directors I have spoken to have said they want this resolved.