The statutory results are reported in these financial statements for the12 months to 31 December 1997. A detailed explanation of the approach adopted to accounting for the conversion process is included in the Accounting Policies set out on page 49.

During 1996, we aligned our reporting date with that of the majority of financial services companies, and consequently the statutory comparative period is the 11 month period to 31 December 1996. In order to aid comparison, 12 month comparative numbers are included within these financial statements. Comparative figures also reflect the change to bank accounting formats and practice.