Irish Life & Permanent restates 2004 results due to new reporting standards

IRISH Life & Permanent has restated its 2004 results to adjust them for new international financial reporting standards (IFRS) now in effect.

Under the new IFRS methods, 2004 profits were 14% or €58m lower, in line with what the company had previously forecast.

In March, IL&P reported pre-tax profits of €400.2m for 2004 under the old accounting methods.