Professor Philip Lane:

Several lenders have already virtually completed redress and compensation. Others have started the process in that they have agreed the nature of their schemes and brought them before their boards. To commence redress and compensation, the banks also have also to set up their appeals process. We think that payout for all of the other schemes will begin by the end of the year. I do not think that will be the end of this because some people will choose to appeal, which is perfectly appropriate, and if the appeal is not to their liking, they may turn to the ombudsman and the courts. As such, there will be further action. In cases where a bank or banks decide they are not going to include a certain cohort, this will lead to further processes relating to those cohorts.