Ms Derville Rowland:

I fully accept that, long after the event, mere money cannot repair the harm done to people. The framework that was put in place had a set of principles or high levels that the lenders were required to adhere to or to consider. The compensation scheme's amounts and proposals are approved by the banks and the lenders and it is they who put them forward. They were required to look at the groups of people affected from the viewpoint of different experiences that they had, from the gravest which is the loss of home ownership and loss of property and all the horror that brings. Certain proposals are being made by lenders. Another variant is that the proposals are not uniform, because it is the boards of the lenders that are approving the offers. I am sure the Deputy heard different information about various categories from the lenders that appeared before the committee so he knows very well that they vary. That is at the most severe. Taking legal proceedings has an impact. One makes choices on whether to enter into legal proceedings on the overpayment. One may decide not to take legal proceeding because of the money. Responsibility for signing off on the schemes rests with the lenders.