Ms Seána Cunningham:

Regarding the tracker mortgage examination and more generally, we are very happy to be here today to engage with the committee on the general scheme. We believe these are very good proposals to enhance the framework we have at the moment.

In terms of the tracker mortgage examination, it is important I make the following point. We made a commitment in the context of enforcement arising out of the tracker mortgage examination. PTSB was fined €21 million in 2019, last year KBC was fined €18 million, this year Ulster Bank was fined €37 million, and Springboard was fined €4.5 million in 2016. We were very clear in saying that, in conducting those investigations, under our current framework, we would be looking at the actions of individuals.

Our work on the tracker mortgage examination and enforcement is ongoing. We are using the framework we have currently, but we are very happy to be here today to engage in the general scheme. We think the enhancements proposed will serve to drive what it is we seek to achieve, which is better management risk, better governance and higher standards in financial services. My colleague, Mr. Cross, will respond to the question on scope and application.