Whenever a company completes their annual accounts, the directors are required to confirm the overall value of their assets on a ‘true and fair’ basis, a statement required from them by the auditors. Naturally they will have numerous types of assets and complex methods of valuation, none-the-less they are signing the accounts.

They failed to see that these valuations were hopelessly inaccurate (they desperately hoped that they were not inaccurate!) Their accounts were inaccurate, so we could require them to re-state their asset valuations and therefore their profits for the last ten years. These are the numbers on which the bonuses (and dividends and tax were based.)

The bonuses can be re-calculated and request for repayments made, similarly for dividends and for sums paid into supplementary pensions (as they were possibly fraudulent transactions.) Naturally they will have also overpaid corporation tax.

This overpayment of corporation tax could be netted off the fiscal support we have been required to give. It would also pre-empt any attempt for the banks to avoid paying corporation tax for the next generation or so.

With regard to the bonuses, any failure to repay will cause a charge to be made against any property (ies) the recipient(s) own in the UK and then for interest to be charged. In the event of failure to pay the interest or to maintain the property to a proper standard the property would be transferred to the ownership of the National Trust. If the rent is not paid the property can then be sold and proceeds paid to the Government.