Mr. Bernard Sheridan:

The Governor mentioned the framework. This is the most comprehensive framework we have put in place to try to resolve these issues. We are putting the onus on lenders to deliver this. We have set specific timelines using our statutory powers. However, I agree with you that there is no point in them delivering a report to us which says something while, behind it, they really have not taken it seriously and taken the approach from the consumer. This examination will continue after the phase two reports because that involves our assurance work and our challenge to these lenders. Ultimately, if the lenders' boards do not take responsibility for this in the way they should, that means we will take whatever action we can to ensure the consumer gets the right outcome. I agree with you that the behaviour described from lenders to customers is not acceptable in terms of what they are putting them through.

We are working very hard to make sure that all those cases are dealt with under the examination.