Professor Philip Lane:

Again, this is why we launched an examination, namely, to ensure that over the lifetime of these contracts, the cumulative financial harm would be redressed, plus compensation, even though legally, we could only go back to 2013. The Deputy's contact should therefore be reassured that this examination is providing a mechanism by which the banks will make these offers to those affected while they still have the option - again, thanks to the legislation that Members passed - to seek compensation and redress through the ombudsman over the lifetime of the contracts if the offer from the bank and the appeals process is not to the satisfaction of those affected. This goes back to the fact that what we are doing is quite unusual. We will not just do the legal minimum; we are pushing the banks to do the right thing and telling them to introduce these schemes even if we can agree that the issue does not involve legal compulsion.