8. Treasury shares

	Number of shares 000s	£m
At 1 January 2006	5,249	55
Purchase of treasury shares less contributions received	4,700	26
Release of treasury shares	(1,188)	(16)
At 31 December 2006	8,761	65
Purchase of treasury shares less contributions received	4,900	46
Release of treasury shares	(1,900)	(29)
At 31 December 2007	11,761	82

The Company holds its own shares in trust to satisfy its obligations under its restricted share plans. These shares are held as treasury shares and have a par value of 25p per share. The nominal value of the Company’s treasury shares amounts to £2.9m (2006: £2.2m). At 31 December 2007 the market value of the Company’s treasury shares was £86.1m (2006: £67.6m).