Mr. Stephen Groarke:

There will be different amounts because nobody's circumstances are the same. If one thinks about customers who lost their home as a result of errors of the bank in respect of the tracker issue, the average redress is €44,000 and the average compensation is €91,000. However, the compensation for home loans has gone as high as €146,000 with a write-off of €95,000, and in buy-to-let mortgages of €358,000 with a write off of €350,000. That is not because we judge one customer to be more deserving than another but because the circumstances are different. The way the compensation is built up in the case of home loan, where someone lost the home in which they lived, there is a starting point of €50,000, in the case of a buy-to-let, it is €25,000, and then we take other circumstances into account. The shortfall on the mortgage is written off and that amount will vary among different customers, depending on where they are in the mortgage, and we also pay the customer the equity gain that they missed out on because the property would typically have appreciated in price since the point of loss of ownership. Those factors go towards different results but it is not because we judge some people to be more deserving than others because the specifics are different.

We find that most customers are satisfied with the redress we have offered. There are other customers who go to an appeals process. In the case of loss of ownership customers, who appeal to the independent review panel, the average additional compensation is €40,000, and for loss of ownership cases, the average additional compensation is about €96,000. That is not a particular judgment on whether one person is more deserving than another, but rather the specific circumstances that come to light. Typically, in the appeals process, we are able to take into account circumstances that we could not see as a bank. Typically, they are non-financial factors around people's individual circumstances.