18 Borrowings
Group
The following analysis provides information about the contractual terms of the group’s borrowings:
Note:
(1) The B shares were accounted for as a liability in accordance with IAS 39 ‘Financial Instruments: Recognition and Measurement’. The £17.2 million liability at 31 March 2009 comprised £16.7 million share capital and £0.5 million accrued interest payable. The remaining B shares were redeemed in full during April 2009.
Terms and debt repayment schedule
The principal economic terms and conditions of outstanding borrowings were as follows:
Borrowings are unsecured. Funding raised in currencies other than sterling is generally swapped to sterling to match funding costs to income and assets.
Abbreviations used in the previous table are defined below.
Notes:
| Currency |
|
| GBP |
pound sterling |
| EUR |
euro |
| USD |
United States dollar |
| JPY |
Japanese yen |
| Index-linked debt |
|
| IL |
Index-linked debt - This debt is adjusted for movements in the Retail Prices Index with reference to a base RPI established at trade date |
| RPI |
The UK general index of retail prices (for all items) as published by the Office for National Statistics (Jan 1987=100) as published by HM Government |
Company
The following analysis provides information about the contractual terms of the company’s borrowings:
Borrowings are unsecured.