Professor Philip Lane:

This is why it is a bit early to give a final answer to that. In some of these cases, the banks are saying they think they are fine and that these people are not entitled to compensation and redress. Currently, we are in a situation where there is a whole category which, if the banks concede, can be dealt with within the examination in one go. If the banks decide to resist paying compensation and redress, the next most effective course is for the individuals to go to the ombudsman and the courts, which can compensate for the whole lifetime of the damage, not just post-2013. As for the post-2013 category, the legal process will be very cumbersome, albeit it will eventually work out. We could eventually deliver that if the system works, but it will take a long time and it is not the preferred option at this point. Ms Rowland may be able to add to that.