Ms Derville Rowland:

I thank Deputy McGrath for acknowledging the work we have done on tracker mortgages. Our only reason for doing this work is that consumers are at the heart of what we think about. We prioritised in the phasing of this work identification of the affected customers and getting the schemes up and running, although we had to challenge the lenders on the terms. As the Deputy knows from his engagement with this committee, it is a matter of getting the money flowing to those customers. I am satisfied that all but a very few more recently identified customers will be paid in short order. Some customers cannot be identified, and the money for them is ring-fenced. As we did that work, digging deep into the lenders to identify the customers affected, we were also acquiring very relevant information as to how this happened and the causes right across the lenders. As our primary focus at that time was on getting the customers identified and the redress programmes, we now pivot to a heightened focus on the enforcement cases. The Deputy will see we have already concluded one case and put a significant statement into the public arena about the issues involved in the case. As we bring these cases through to conclusion, we will see more information about the causes of this.

I will hand over to my colleague, Ms Cunningham, who might say more about how we are going about this work.