Professor Philip Lane:

I will make a few points. It is interesting that the Senator brought up the radio advertisements, which do convey that message. A very important principle of all of this is that, because our code is quite directional and states how we expect lenders to behave, if they do not behave in that way, we get them. This is what is happening now. Hundreds of millions have been paid and will be paid to these 33,000 people, mostly not because the lenders violated the law but because they violated our regulatory codes. On foot of the fact that we have a very proactive framework and are quite directional and precise in stating how lenders need to deal with customers, when they do not deal with them that way, they will pay. We think this tracker examination is a watershed because, if lenders had any doubt previously that we would follow up on their actions and, in Ms Rowland's phrase, hold their feet to the fire, this is proof we did not let go. We have proven that we persisted and ensured all those who we think should have been included were included. Never again can any lender make a calculation that if it delays, the matter will go away.

This has not gone away. As we said, the banks have calculated it will cost them €900 million, so our action will have a costly impact. I share that there was regret. Could we have gone faster or done more? However, that we have these codes and issued warnings in 2008 is now coming home to roost in terms of our ability to ensure redress and compensation for those affected.