Mr. Padraic Kissane:

"Gained" is a word that I would say was temporary. The money that was overcharged, in the collective, is probably about €700 million. There are a couple of aspects that probably do not get as much prominence as they should. In taking €700 million from customers, they also took it from the economy, at a time when the economy could have done with €700 million extra to be spent. It is a key issue that a lot of people miss.

Another thing about the €700 million is one has to double it to earn it. That means there is €1.4 billion that has to be earned to create €700 million of overcharge. Even if it was only €100 million it would still be wrong but the fact is that the numbers are so astounding.

One of the connective issues was that the standard variable rates that were being charged at the time were the highest in Europe, as the committee has heard. That is what made it more pertinent in respect of the importance of the tracker. If the ECB rate is at 0% and the tracker margin is 1% but customers were being charged 4.5%, the differential was off the charts. Add to that the tsunami of the economic crisis and it was a perfect storm that hit families. Importantly, when it hit those families, they did not know there was a wrongdoing going on in the background and that is the issue that hurts the most. Whatever about the money aspect, the fact that the banks did it is what hits them hardest. That has become clear to me from the meetings I am holding with people. Banks were held in a regard of trust and they have broken that. It is going to be very difficult to restore and regrow that trust. The banks' behaviour and the ongoing nature of the issues are certainly not helping.