14 Borrowings


	Current		Non-current
	2007 £m	2006 £m	2007 £m	2006 £m
Unsecured
Overdrafts	25	14	—	—
Bank loans	3	4	2	3
6 3/8% Notes 2007 €500m ¹	—	337	—	—
7 3/8% Notes 2016 £200m	—	—	200	200
5.84% Notes 2010 US$187m ²	—	—	97	96
6.38% Notes 2013 US$230m ²	—	—	123	121
6.55% Notes 2015 US$83m ²	—	—	46	44
4 1/2% Notes 2011 €750m ¹	—	—	534	494
Other loan 2008 (interest rate nil)	1	—	—	1
Secured
Bank loans ³	—	38	24	24
Obligations under finance leases payable: ⁴ (note 22)
Less than one year	5	7	—	—
Between one and two years	—	—	3	4
Between two and five years	—	—	—	2
After five years	—	—	1	1
	34	400	1,030	990
Repayable
Between one and two years
– by instalments			4	6
Between two and five years
– by instalments			1	4
– otherwise			655	614
After five years
– by instalments			1	1
– otherwise			369	365
			1,030	990
¹These 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. ²These 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. ³Secured on aircraft. ⁴Obligations under finance leases are secured by related leased assets.