Mr. Jeremy Masding:

As the Deputy says, we were the pathfinder in respect of the original enforcement action and the Central Bank of Ireland, CBI, tracker review. In September 2015, we also announced that unilaterally we would undertake a full review of our mortgage book and Mr. Mitchell was appointed to do that. Subsequently that was rolled into the CBI tracker review which was launched in December 2015. We continued to work with the Central Bank, as with the rest of the industry because let us not forget it is an industry review, not a Permanent TSB review. It would be inappropriate for me to speculate on the outcome of the review at this stage because it is still quite early. There are several principles we apply, one of the most important being that as soon as we find a cohort of customers to which we have caused detriment, we move as quickly as we can to redress and compensation. My guess is that, like the other banks, we will find detriment in some issues. The important principle for me is transparency, redress and compensation.

I think we have put aside the right level of capital to pay for the harm that we caused. Mr. Mitchell runs the programme so he will give an update on that.