Notes to the Company financial statements
5. Derivative financial instruments
The fair value of derivative financial instruments shown on the balance sheet is as follows:
| 2008 | 2007 | |||||
|---|---|---|---|---|---|---|
| Assets £m |
Liabilities £m |
Total £m |
Assets £m |
Liabilities £m |
Total £m |
|
| Current | 341 | (79) | 262 | 119 | (29) | 90 |
| Non-current | 751 | (179) | 572 | 192 | (54) | 138 |
| 1,092 | (258) | 834 | 311 | (83) | 228 | |
For each class of derivative financial instruments, our exposure, based on the sterling equivalent notional value of the pay leg is as follows:
| 2008 £m |
2007 £m |
|
|---|---|---|
| Interest rate swaps | (4,952) | (3,625) |
| Interest rate swaptions | (202) | – |
| Cross-currency interest rate swaps | (4,919) | (5,179) |
| Foreign exchange forward contracts | (5,721) | (2,114) |
| Total | (15,794) | (10,918) |