Professor Philip Lane:

Transparency and reasonable interpretation have been absolutely part of what we have looked at in assessing these individual situations. These different types of legal arguments have been factored in, which in the case of ambiguity is deferring to what is in the consumer interest and so on. If the individual in her interaction with a bank, broker or whatever was guided differently and if there was not sufficient explanation, then that remains an individual case which can be tested through the appeals mechanism or the ombudsman or the courts. However, at a systemic level the fact that these contracts indicated that at conclusion they would revert to the tracker rate being offered by the banks at that time, that we do see as different from ones where the fixed-----