Accounting provisions created during the Dark Ages

Provisions were created...

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

And then found not to be needed...

• £53m provisions found to be 'not needed' &
  released back to profits
• Year end March 02 released provisions
  accounted for 68% of profits
• Year end March 03 released provisions
  accounted for 30% of profits
• Year end March 04 released provisions
  accounted for 25% of profits