Restatement of 2004/05 financial results to IFRS

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Headline Impacts

  • no change to Group cash flows, underlying economics or risks of the business
  • no impact on member benefits
  • £355m reduction in total reserves, primarily resulting from recognition of the pension fund deficit
  • realignment in periods of recognition of mortgage fees and costs
  • potential future earnings volatility due to valuation of derivatives


 
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