Notes to the consolidated financial statements
20. Cash and cash equivalents
| 2009 £m |
2008 £m |
|||||
|---|---|---|---|---|---|---|
| Cash at bank | 87 | 93 | ||||
| Short-term deposits | 650 | 81 | ||||
| Cash and cash equivalents excluding bank overdrafts | 737 | 174 | ||||
| Bank overdrafts | (17) | (10) | ||||
| Net cash and cash equivalents | 720 | 164 |
The carrying amounts of cash and cash equivalents and bank overdrafts approximate their fair values.
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements, and earn interest at the respective short-term deposit rates.
Net cash and cash equivalents held in currencies other than sterling have been converted into sterling at year-end exchange rates. For further information on currency exposures, refer to note 33.
At 31 March 2009, £52m (2008: £61m) of cash and cash equivalents were restricted. This primarily relates to cash held in insurance captive companies.