18 Borrowings – amounts falling due within one year
  2004
£m
2003
£m
Overdrafts 13 20
Bank loans 2 58
Other loans 1
Obligations under finance leases 12 15
4½% Notes 20051 177
  2042 94
 
1 The Group has borrowed through a subsidiary €256m in order to provide a loan for general purposes. This note is the subject of currency swap agreements under which counterparties have undertaken to pay amounts of 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 Company has provided guarantees in respect of borrowings of subsidiary undertakings of £177m.