Mr. Padraic Kissane:

If the tracker rate is restored, it is for the life of the mortgage. The purpose of the redress is to put the account in the position it would have been in, had the "error" - in inverted commas - not occurred. That is the purpose of the redress process. To do that, it has to be backdated to when it was first deemed to have been impacted upon. Some of those dates can also be argued. There is then a correction on the account and there is also an interest differential between what the customer paid what and should have paid. Out of that comes a time-value-of-money aspect, which I got included with AIB. Contrary to what PTSB has advised me, it is not included and this is just an example of what we have to put up with.

There is also a compensation level which varies between banks. PTSB was at 10% across the board. Astonishingly, it was meant to be a base level of compensation, which in the customer appeals process became the ceiling of compensation. Customers had to burst a level of proof beyond any court to get through it. AIB ranged between 7.5% and 15%. If it was an investment loan that did not have detrimental impact, 7.5% was given back. If it was a home owner, it was 15%. The one I have seen at Ulster Bank is 12% if the interest overpaid and a time-value of money is also to be included.