Ms Francesca McDonagh:

The third category relates to customers and the introduction of the consumer protection code in 2006. The 2006 consumer protection code required there to be clarity for customers when moving to an alternate rate of interest and that a tracker may not be available again in the future. We had agreed to redress customers who had taken out a mortgage after 2006. There was a group of customers who had taken out a mortgage prior to the 2006 consumer protection code and there was a view about whether to redress or compensate or not, based on the date of the code. While technically correct, we felt that it should not be the sole determinant of whether they were included or not. Even though the consumer protection code had not existed at that stage, in terms of being fair and reasonable to this group of customers, we included them in the redress and compensation scheme as well.