Professor Philip Lane:

I will make a few points that might be helpful. That the €600 million should never have disappeared from people's accounts in the first place is a reasonable perspective and a fair point. Another perspective is that, compared to a situation where we had not taken action, at the very least it is going to go back to those people. If they believed that we were never going to pursue them, at that level it is €600 million. We have not yet come to the enforcement stage. Let us see what happens in terms of fines and so on.

The other point is about compensation. The figure of 15% is what we have seen so far. The example about Revenue where it can be harsh-----