Professor Philip Lane:

Given the data we have disclosed, extrapolation in a reasonable way is possible to come up with an indicative number. Let me caution, however, that across the range of problems some are at the high end, large scale and significant. Quite large sums might be involved in individual cases, while in others they could be at the low end. The average will conceal a lot. In terms of the aggregated cost, number one is the redress and compensation paid, number two is any fine we may impose and number three is the compliance cost, which is significant for the banks. I hope the banks will come out and express intense regret and state they should never have taken these risks in the first place in being aggressive in how they interpreted the contracts.