Ms Derville Rowland:

The current number of customers who are affected by the tracker mortgage examination is 31,300. A total of 7,100 customers received redress before the examination and that is where the aggregate number of 38,400 comes from. The information I am giving the committee is that, to date, 28,100 of the 31,300 customers are in receipt of compensation and redress. I just want to be clear. The high-level number is subject to change because it has not been entirely verified by the banks. What that means is, as they go through their verification process, they find there is duplication of accounts, for example, and the number can change slightly. We require them to be thorough in the final analysis and it has been our experience that the number can vary as people are checked. In the round, the answer to Deputy McGrath's question is that there remains approximately 3,000 customers who have yet to receive payment who have been identified in the tracker mortgage examination.

It is important to say that about 99% of the customers who were identified, as of the end of last year, have received their payments. The reasons people have not been paid are because they cannot be found or because the banks are engaged in complex discussions with them. Where people cannot be found the money is ring-fenced in an account so it will be there for them. Also, in the main, customers who were identified and verified before March of this year also have received their redress and compensation payments. We closely scrutinise and monitor the payments that are being made by each of the lenders on a month-by-month basis and challenge them to get on with it. It is our expectation that, in the main, most customers will have received their payments by the end of this year. There may be some few that go into early quarter 1 of next year, but we continue to challenge that timeline.

Members will have seen from the Governor's opening statement that four out of the five lenders are making reasonable progress with respect to concluding this matter, and one is somewhat behind the others but we are putting significant scrutiny on them to keep up with the timelines to the maximum extent they are capable of doing. It is also important to say that our own independent verification of the numbers continues because it is incumbent on us to make sure that the decisions that have been made about including and excluding customers is adequately and thoroughly tested through on-site and off-site supervision as well as data analytics.

We are doing that before we close out and give them the green light to say that is done.