Professor Philip Lane:

I will make a few points, and then perhaps Mr. Sheridan and Ms Rowland can say more. I agree that the relationship between a bank and an individual customer is typically totally asymmetrical in terms of the balance of power and any legal process, its associated costs and so on. This is why the idea is that much can be resolved through this examination process which bypasses the need for individuals to take legal actions. Importantly, this examination goes back to the mid-2000s so it will cover pre-2006 trackers. Anything with the tracker flavour is covered. I ask my colleagues to give some extra analysis.