20 Borrowings – amounts falling due after one year
  2004
£m		 2003
£m
Unsecured
Bank loans 73 115
4½% Notes 2005 — 177
6⅜% Notes 20071 310 310
7⅜% Notes 2016 200 200
5.84% Notes 20102 97 104
6.38% Notes 20132 120 128
6.55% Notes 20152 43 47
4½% Notes 20111 500 —
Other loan 2009 (interest rate nil) 1 2
Secured
Bank loans — 3
Obligations under finance leases payable:3    
  Between one and two years 6 39
  Between two and five years 14 27
  After five years — 3
Zero-coupon bonds 2005/2007 (including 9.0% interest accretion)4 — 42
  1,3645 1,197
Repayable
Between one and two years – by instalments 9 27
Between one and two years – otherwise 65 239
Between two and five years – by instalments 19 50
Between two and five years – otherwise 310 389
After five years – by instalments 1 13
After five years – otherwise 960 479
  1,364 1,197
 
1 The Group has borrowed through a subsidiary s1,250m 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.
2 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. The borrowing forms part of a net asset hedging arrangement.
3 Obligations under finance leases are secured by related leased assets.
4 Secured on aircraft financed by joint arrangements. Repayment of the zero-coupon bonds is also guaranteed by a subsidiary.
5 The Company has provided guarantees in respect of borrowings of subsidiary undertakings of £1,336m.