Ms Dara Deering:

A chart I have made available to the committee shows a real home loan customer and the rate they were on, which was our standard variable rate of 4.25%. The repayments the bank was seeking were just under €1,500 per month. The correct tracker rate was 1% so the repayment the bank should have sought was €970. Based on our affordability assessment of this customer, who was in financial distress, they could afford to pay just under €490. We then look at what was the lowest restructuring or resolution option which we could have offered to a distressed customer at that time. We do not look at what their tracker mortgage should have been but we assess what we would have offered to this distressed customer, which was a 50-50 split mortgage, meaning their repayment would have been €368. In this case, the customer's affordability was greater than the lowest restructure option we had and we deem that they could have afforded that. Causation for loss of ownership in this case was, therefore, that of the bank.