Notes to the consolidated financial statements - analysis of items in the primary statements
20. Cash and cash equivalents
| 2010 £m | 2009 £m |
|
|---|---|---|
| Cash at bank | 136 | 87 |
| Short-term deposits | 584 | 650 |
| Cash and cash equivalents excluding bank overdrafts | 720 | 737 |
| Bank overdrafts | (29) | (17) |
| Net cash and cash equivalents | 691 | 720 |
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 32(a)(i).
At 31 March 2010, £59m (2009: £52m) of cash and cash equivalents were restricted. This primarily relates to cash held in insurance captive companies.