Professor Philip Lane:

A number of institutions reported well before then and we have seen their intent in some cases. There was no barrier to the banks moving forward with redress and compensation as soon as they could. This goes back to differentiation. Some banks moved a lot earlier to implement those schemes. The 30 September 2017 deadline was the universal hard deadline but the banks could have moved a lot earlier and, in many cases, we had to push back in terms of what they were trying to submit. It is not the case that they were all waiting until 30 September 2017 to issue these reports but the hard enforcement deadline was the end of September.