Ms Derville Rowland:

We have already said that is very dependent on the responses we get from the individuals and on how that will go. These are detailed and forensic investigations and we cannot say when precisely they will finish because it depends very much on the evidence and level of challenge or opposition, or the complexity of the matter.

May I try one more time to answer the Deputy's question on what was done previously? Tracker mortgages were returned to individuals before this examination ever got under way in 2015, as far back as 2010. Banks were stopped from taking people off tracker mortgages. That was a silent win, if I can say it that way. As far back as 2008, public warnings were issued to lenders warning them about their duty to act in customers' best interest when recommending to them that they should switch from a tracker mortgage to another product. The Senator will recall that there may have been a good price associated with giving up a tracker mortgage and opting for a fixed rate at that point. It changed later. In 2009, public notices were made. In 2009, 224 customers were not given their contractual entitlement and the Central Bank addressed that issue. What was happening was that issues of all kinds were arising over time with tracker mortgages. Before the examination was launched, approximately 7,100 people were given back tracker mortgages.

Therefore, I cannot agree that no work was done by the Central Bank. Policy strengthening was carried out and warnings were issued to banks. Efforts were made to make sure customers did not lose tracker mortgages. People got tracker mortgages back, but what really happened was that the more the Central Bank did work, the more the issue seemed to come to light. We were working in the enforcement investigation in Permanent TSB and it made sense to set up a redress or compensation mechanism. The lenders caused the unprecedented need for such a mechanism. I am aware the Senator has not been satisfied with our answer on that, but of course I wish that more was done. I wish that this did not happen. It was wrong that it did happen, and I fully accept that.

I ask Ms McEvoy to talk about the interaction with the ombudsman.