Mr. Wim Verbraeken:

I have been with the bank for only a few years and I am also new to the Irish market. I draw lessons at a macro and a micro level. At the micro level within the bank, 90% correct is not good enough. Very often we have failed to be precise in our communication and correspondence on the clarification we have provided for customers and need to bring it up to a higher standard. I believe the processes we have put in place to date in the bank will help us to achieve that standard. At a macro level, I understand there was a lot of competition in the years leading up to the financial crisis and this event. I believe lenders did not consider the potential long-term impact of new products such as tracker mortgage rates on their customers. They should learn the lessons of designing and managing products which have the potential to have a very negative impact on customers in the long run.