Mr. Paul Stanley:

Transparency errors, which account for the bulk of our 3,500 impacted customers, arose where we used certain terminology, saying that when a customer came off a fixed rate they would go back to the bank's variable home loan rate. What did that home loan rate mean? Customers who were on trackers interpreted it as being the tracker rate. Customers who were on a variable rate interpreted it as being a variable rate. That is the ambiguous language.

Operational errors involved the wrong rate being keyed in through error. Instead of a tracker rate of 2.75%, it was recorded on the system as either 2.5% or 3%.