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