Mr. Tom Kinsella:

The first step on the journey to putting the wrong right for customers was to stop harm, which meant we rectified any open account. Then we entered into a process of rebuilding that account on a line by line basis. The framework requires that we have to reset the account so that it is back in the position it should have been in. We did that twice to make sure we got it right and then we passed it on to KPMG, who assured it for us. Later in the process it was assured again by EY, on behalf of the CBI. We then refund overpayments to the customer and give the customer a time value of money on the overpayments, which worked out at about 6% on average. In line with that, we provide compensation based on a percentage of the interest overcharged. We have four tiers of compensation, with 85% falling within tier 1, these being performing customers who were never in arrears. The figure for these is 15%. The next tier is customers who might have been in the legal process at some stage, who get 22% and the next set, where the property may have been sold but the rate was not causal, also get 22%. Finally, the most seriously impacted customers, where the property was sold and the rate was causal, got a 30% compensation level. In the case of the last group, we also compensate for the future value of the tracker and any uplift in the value of the house since it was sold, and we write off any residual debt refund and any payments made on it. We make a €50,000 incremental payment on top of that and finally, where applicable, we offer them the opportunity of a new tracker mortgage based on their old historic rate.