National Grid 2007 Annual Report Download - page 67

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National Grid Electricity Transmission plc Annual Report and Accounts 2006/07
23. Cash and cash equivalents
2007
2006
£m
£m
Cash at bank and in hand
28
24
Short-term deposits
437
-
Cash and cash equivalents
465
24
Bank overdrafts
(26)
(16)
Net cash and cash equivalents
439
8
The fair value of cash and cash equivalents and bank overdrafts approximates to their book values.
Cash at banks earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying
periods of between one day and three months, depending on immediate cash requirements , and earn interest at the
respective short-term deposit rates.
Net cash and cash equivalents are denominated primarily in sterling.
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