Professor Philip Lane:

The deadline we could compel, and back up with sanctions in the event of violation, was the deadline for the information-gathering exercise, which concluded with the stage 2 reports. Stages 3 and 4 relate to redress and compensation, as we have been discussing. We have no power to compel in respect of those stages because engagement with them by the banks will essentially be voluntary. Having said that, we have regulatory and persuasive powers to make sure this is done as quickly as possible. There are deadlines. We expect this to happen by date X, Y or Z, depending on the bank. The banks complied with our deadlines for the stage 2 reports. They all did comply. We expect these further deadlines to be met.