Professor Philip Lane:

This is essentially why, in the middle of a live examination, I do not really want to engage too much on this question because of the fact we are engaging with different lenders exactly on these issues, about what can be considered a fair and reasonable outcome, subject to the details of what was written in the contracts, but also the surrounding information, including verbal information that a customer might have received and might have relied upon in discussions when agreeing either to enter a tracker or agreeing to move to a fixed rate for a period in expectation of coming back to a tracker. We have laid out clear principles on how we expect banks to interpret these cases. These are live issues, however, so I do not want to discuss it in any more detail than that.