Notes to the consolidated financial statements - analysis of items in the primary statements
21. Borrowings
| 2010 £m | 2009 £m |
|
|---|---|---|
| Current | ||
| Bank loans | 890 | 604 |
| Bonds | 1,730 | 1,826 |
| Commercial paper | 121 | 766 |
| Finance leases | 29 | 33 |
| Other loans | 7 | 7 |
| Bank overdrafts | 29 | 17 |
| 2,806 | 3,253 | |
| Non-current | ||
| Bank loans | 2,163 | 3,140 |
| Bonds | 19,835 | 20,002 |
| Finance leases | 173 | 205 |
| Other loans | 147 | 193 |
| 22,318 | 23,540 | |
| Total borrowings | 25,124 | 26,793 |
Total borrowings are repayable as follows:
| 2010 £m | 2009 £m |
|
|---|---|---|
| In one year or less | 2,806 | 3,253 |
| In more than one year, but not more than two years | 2,146 | 2,014 |
| In more than two years, but not more than three years | 1,356 | 2,543 |
| In more than three years, but not more than four years | 1,890 | 1,400 |
| In more than four years, but not more than five years | 1,862 | 2,457 |
| In more than five years: | ||
| by instalments | 22 | 76 |
| other than by instalments | 15,042 | 15,050 |
| 25,124 | 26,793 |
The fair value of borrowings at 31 March 2010 was £26,196m (2009: £25,230m). 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 2010 was £25,011m (2009: £26,619m).
Charges over property, plant and other assets were provided as collateral over borrowings totalling £515m at 31 March 2010 (2009: £493m).
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 £501m (2009: £473m) in respect of cash received under collateral agreements. Cash placed under collateral agreements is shown in note 14.
Obligations under finance leases at the balance sheet dates are analysed as follows:
| 2010 £m | 2009 £m |
|
|---|---|---|
| Gross finance lease liabilities repayable as follows: | ||
| In one year or less | 30 | 46 |
| In more than one year, but not more than five years | 107 | 148 |
| In more than five years | 135 | 124 |
| 272 | 318 | |
| Less: finance charges allocated to future periods | (70) | (80) |
| 202 | 238 | |
| The present value of finance lease liabilities is as follows: | ||
| In one year or less | 29 | 33 |
| In more than one year, but not more than five years | 86 | 117 |
| In more than five years | 87 | 88 |
| 202 | 238 |
For further details of our bonds in issue and borrowing facilities, refer to note 34.