Professor Philip Lane:

It is a responsibility. That idea was mooted by the industry, but that would flip responsibility onto us. It is their responsibility. These banks have created this situation. It is up to the banks. They cannot have a get-out-of-jail option by saying the Central Bank told them a given amount was all they could offer. It is up to the banks to offer appropriate compensation. If it is not accurate, the appeals process is available and the Financial Services Ombudsman is available. For the most extreme cases, the courts system may have to be invoked. It would be a digression or side-stepping of where the responsibility is to yield-----