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Accounting provisions created during the Dark Ages

Provisions were created...

  • £65.6m provisions taken in year end March 2001
  • £10.4m provisions taken in the year end March 2002
  • £13m provisions taken in the year end March 2003

And then found not to be needed...

  • £53m provisions found not to be 'not needed' and released back to profits
  • Year end March 2002 released provisions accounted for 68% of profits
  • Year end March 2003 released provisions accounted for 30% of profits 
  • Year end March 2004 released provisions accounted for 25% of profits

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