Sir Christopher Kelly's report into how
So, the finance team worked over the weekend to update the draft, only for the extra £20m provision to be reversed on the Monday morning. "The reversal was thought by some of those involved to have followed a conversation between the bank CEO and the group CEO. But there is no direct evidence of this," Kelly's report said.
The bank's acting chief executive at the time,
Before approving the annual report and accounts the audit committee was not told of this change and the auditor concluded that although the level of provisions was acceptable, the initial provision was towards the "more optimistic end" of the acceptable range.
Does it matter? The finance team who worked over the weekend "were aware" of the effect that the £20m provision would have on the bonus pool, Kelly concludes.
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