Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

At the peak it was about 2.5% and at a minimum it about 0.75%. The reality is this issue will work its way through the Financial Services and Pensions Ombudsman and the High Court. It would be a great shame, given all the good work that has been done in acknowledging failings and in leading the way on mortgage rates, for which Mr. Hunt has got credit, if in the end the bank has to be forced to provide for the redress and compensation, to which there is at least a very arguable case these customers are entitled. The bank can argue it the other way in the way it has done but there is a very good chance that it will not win this ultimately and it would come at a high cost to the bank not only financially but reputationally. What would be the cost to the bank of offering these 6,000 customers redress and compensation and putting them on a rate of between 1% and 1.5% of a margin above whatever the ECB rate is at any at any point in time? Has that been costed?