Professor Philip Lane:

Exactly. We think that a lot has been done. Especially in those cases which were only accepted by the banks at the tail end of last year, it is running into these few months and into the first half of the year. They are all timelined to go as quickly as possible. They are set up on an account-by-account basis rather than an individual-by-individual. That means one might get a letter about one account and then another letter when the bank has dealt with the different accounts at a different point in time.