Many major private companies did the same during this period.
The money in these private companies was in my opinion "fraudulently" posted as profits and distributed between senior management and shareholders as "dividends".
It has been said that pension contributions fuelled a great deal of the boom in the 90's.
In our case the money went to our only shareholder....the Government.....the same Government that subsequently lent us the money back....at commercial rates of interest.
If you made this s**t up you would be called a raving fantasist....
It is unfortunately true.
