Ms Derville Rowland:

I shall speak specifically to these issues. The team go in, our team and some of the professional assistants we have procured to assist us with this to get the job done quicker, under authorised officer powers that the Central Bank has to go in and acquire information. I have confirmed that these are on notice. We take very seriously any non-co-operation. Obstructing authorised officer powers is a very serious matter and one that has not arisen thus far in these two lenders.

In terms of the information that the team is scrutinising, this is a very complicated issue that underlies the examination with many manifestations of a tracker problem. Some of them are contractual. We look at the actual contract and the actual review that was done to make the decision about whether that is in or out.

We look at all the associated paperwork and all the decision-making around that to come to our own view on whether we agree or disagree with the decision. The other manifestation of this problem is what is called a transparency issue. If the contract was not exactly clear, there may be some ambiguity. In such circumstances, we look at all the documentation from the time the decision was taken. The level of detail involved might be such that there are 70 influencing factors to be considered individually. The team looks in detail at factors like television advertisements and what was done and said at the time to ascertain whether they are in accordance with the decision that was made.