| 2006 £m |
2005 £m |
||
|---|---|---|---|
| 1 These notes are 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. | |||
| 2 These notes are the subject of swap agreements under which counterparties have undertaken to pay amounts at fixed rates of interest and exchange in consideration for amounts payable at variable rates of interest and at fixed exchange rates. | |||
| 3 Secured on aircraft. | |||
| 4 Obligations under finance leases are secured by related leased assets. | |||
| Unsecured | |||
| Bank loans | 3 | 4 | |
| 6 ⅜% Notes 2007 €500m | — | 354 | |
| 7 ⅜% Notes 2016 £200m | 200 | 200 | |
| 5.84% Notes 2010 US$187m 1 | 102 | 107 | |
| 6.38% Notes 2013 US$230m 1 | 121 | 134 | |
| 6.55% Notes 2015 US$83m 1 | 38 | 49 | |
| 4 ½% Notes 2011 €750m 2 | 494 | 524 | |
| Other loan 2008 (interest rate nil) | 1 | 1 | |
| Secured | |||
| Bank loans 3 | 24 | 71 | |
| Obligations under finance leases payable: 4 (note 29) | |||
| Between one and two years | 4 | 5 | |
| Between two and five years | 2 | 8 | |
| After five years | 1 | 1 | |
| 990 | 1,458 | ||
| Repayable | |||
| Between one and two years | – by instalments | 6 | 49 |
| – otherwise | — | 354 | |
| Between two and five years | – by instalments | 4 | 11 |
| – otherwise | 620 | — | |
| After five years | – by instalments | 1 | 29 |
| – otherwise | 359 | 1,015 | |
| 990 | 1,458 | ||