18 Borrowings - amounts falling due after one year - Notes to financial statements

Unsecured
	2005 £m	2004 £m
Bank loans	4	73
6⅜ Notes 2007¹	354	310
7⅜% Notes 2016²	200	200
5.84% Notes 2010³	107	97
6.38% Notes 2013³	134	120
6.55% Notes 2015³	49	43
4½% Notes 2011¹	524	500
Other loan 2009 (interest rate nil)	1	1
Secured
Bank loans⁴	71	66
Obligations under finance leases payable:⁵ (note 29)
Between one and two years	5	6
Between two and five years	8	14
After five years	1	—
	1,458	1,430
Repayable
Between one and two years - by instalments	49	12
Between one and two years - otherwise	—	65
Between two and five years - by instalments	11	57
Between two and five years - otherwise	354	310
After five years - by instalments	29	26
After five years - otherwise	1,015	960
	1,458	1,430

The Group has borrowed through a subsidiary €1,250m in order to provide a loan for general purposes. These notes are the subject of currency swap agreements under which counterparties have undertaken to pay amounts at fixed rates of interest and exchange in consideration for amounts payable by the subsidiary at variable rates of interest and at fixed exchange rates.
The Group has borrowed through a subsidiary £200m in order to provide a loan for general purposes.
The Group has borrowed through a subsidiary US$500m in the US Private Placement market. This borrowing is the subject of interest rate swap agreements under which the Group has undertaken to pay floating rates of interest, and currency swaps which form a fair value hedge. Until October 5, 2005 the borrowing was included in a net investment hedging relationship. From October 6, 2005 the borrowing has been included in a fair value hedging relationship in respect of the foreign exchange risk.
Secured on aircraft.
Obligations under finance leases are secured by related leased assets.

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