Professor Philip Lane:

We all want to close as much as possible as quickly as possible, but the Senator can appreciate that if one sets a deadline one just encourages banks to run down the clock through obstruction. We cannot have a situation where we impose a deadline which leads to a worse outcome for those affected. Over 30,000 customers have received their redress and compensation, so a great deal has happened. It is important to say that a lot has been delivered, but we are committed to it being complete and comprehensive and to not leaving any stone unturned in including all of those who should be repaid and compensated from the tracker.

On the broader issue, we had an earlier discussion about it being ten years since the crisis. A huge amount has been done. The regulation is vastly different from ten years ago. One of the by-products of the fact the banks are now stabilised is that we are able to do more in terms of holding them to a higher standard. It is not enough for them to be prudentially safe; it is also necessary for them to demonstrate their commitment to good consumer outcomes.