Mr. Bernard Sheridan:

Over the years, we have been dealing with individual institutions on various tracker issues leading to conclusions where borrowers were having their tracker rates reinstated. We saw, however, that these issues kept arising and we decided we needed to do a system wide review. It is the largest review the Central Bank has ever done on the consumer protection side and it is very comprehensive. The banks must look back at any tracker mortgage they have sold since tracker mortgages entered the market. We are determined to make sure that everyone who has been impacted is appropriately redressed with compensation. We have, therefore, been working hard on this issue for the past few years, which is the reason we implemented the tracker examination.