Mr. Jeremy Masding:

The Central Bank investigation into the Permanent TSB began in June 2014 while the Supreme Court appeal was pending. The appeal involved four customers, as the Deputy will know. We withdrew the appeal in February 2015 and within six months we had redressed 1,372 customers.

The appeal to the Supreme Court, as we have discussed before, was taken in response to a concern that a consequence of the High Court's decision involving those four customers would be fundamentally to change the level of advice that retail banks were required to provide when acting on customer requests. After the Central Bank commenced its enforcement investigation, and following the Permanent TSB's detailed analysis, it became clear that we were dealing not with four customers, as the Deputy has said, but with a broad customer welfare issue. That is why we withdrew our appeal and that is why, within six months, we had redressed 1,372 customers.