Professor Philip Lane:

We think a lot is going to happen between now and the end of 2017 and the first few months of 2018. I must emphasise that it is the responsibility of the banks to deliver in this regard. We are pressing the banks to move as quickly as possible. It is for the banks to ensure that they satisfy their customers as quickly as possible. In these cases, a lot will happen in the next few months. It is not arbitrarily foreign to the future. A lot will happen in the next few months. We have already seen from the schemes that have moved forward that many cases can be handled within a number of months. A lot has happened up to now. As we mentioned in our statement, in the case of some lenders it has taken far too long for them to recognise what a proper redress and compensation scheme should look like and what a proper appeals system should like. In most cases, the schemes are now being brought to the boards of the banks and they will be up and running soon. For most cases, a lot will happen in the next few months.