Notes to the consolidated financial statements

21. Borrowings

The following table analyses borrowings, including bank overdrafts:

					2009 £m	2008 £m
Current
Bank loans					604	502
Bonds					1,826	2,545
Commercial paper					766	562
Finance leases					33	256
Other loans					7	7
Bank overdrafts					17	10
					3,253	3,882
Non-current
Bank loans					3,140	1,541
Bonds					20,002	15,287
Finance leases					205	165
Other loans					193	128
					23,540	17,121
Total borrowings					26,793	21,003

Total borrowings are repayable as follows:

						2009 £m	2008 £m
In one year or less						3,253	3,882
In more than one year, but not more than two years						2,014	1,386
In more than two years, but not more than three years						2,543	1,413
In more than three years, but not more than four years						1,400	1,700
In more than four years, but not more than five years						2,457	1,302
In more than five years:
by instalments						76	78
other than by instalments						15,050	11,242
						26,793	21,003

The fair value of borrowings at 31 March 2009 was £25,230m (2008: £20,208m). Market values, where available, have been used to determine fair value. Where market values are not available, fair values have been calculated by discounting cash flows at prevailing interest rates. The notional amount outstanding of the debt portfolio at 31 March 2009 was £26,619m (2008: £21,143m).

Charges over property, plant and other assets were provided as collateral over borrowings totalling £493m at 31 March 2009 (2008: £388m).

Collateral is placed with or received from any counterparty where we have entered into a credit support annex to the ISDA Master Agreement once the current mark-to-market valuation of the trades between the parties exceeds an agreed threshold. Included in current bank loans is £473m (2008: £345m) in respect of cash received under collateral agreements. Cash placed under collateral agreements is shown in note 15.

Obligations under finance leases at the balance sheet dates are analysed as follows:

						2009 £m	2008 £m
Gross finance lease liabilities repayable as follows:
In one year or less						46	266
In more than one year, but not more than five years						148	120
In more than five years						124	99
						318	485
Less: finance charges allocated to future periods						(80)	(64)
						238	421
The present value of finance lease liabilities is as follows:
In one year or less						33	256
In more than one year, but not more than five years						117	94
In more than five years						88	71
						238	421

For further details of our bonds in issue and borrowing facilities, refer to note 35.

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