In reply to nniff:
When I did it (c 1985) there was a peg at the top of the initial groove. Note I didn't belay there. However, the peg protected the traverse (it was above my head), as there wasn't much ice on it.
Some way above this was a rounded bollard, which other parties had obviously used as a belay. However, I didn't fancy this, as I could only get a poor sling over it and would have had to sit on it to belay. I could see some pegs below the ice bulge above me, so I headed up for them.
About 10ft short of these I couldn't pull any more rope through. I knew my second must have started climbing as I was way more than 50m from the bottom. I was keen to get to the pegs and could hear muffled shouts for slack from below. Apparently he had reached the peg and by trying to keep the rope tight, I was trying to pull him through it.
Luckily, there was another party belayed at the pegs above me and by tying some slings together and throwing them up to the party above, I managed to get clipped to the pegs and let out some slack. My partner lead the bulge and we moved together for the rest up perfect neve.
We didn't have any ice screws (don't ask) and were climbing on a double 5mm rope, so the only gear was the peg at the top of the groove, the pegs below the bulge and a very poor sling over a rounded bollard.
The route as a whole wasn't as hard as Point Five, but much more serious.