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56 National Grid Gas plc Annual Report and Accounts 2009/10
17. Borrowings
The following table analyses borrowings, including bank overdrafts:
2010 2009
£m £m
Curren
t
Bank loans 243 275
Bonds 115 895
Other loans 22
Borrowings from fellow subsidiaries 74 239
Bank overdrafts (note 16) 15 10
449 1,421
Non-curren
t
Bank loans 659 602
Bonds 6,165 6,229
Other loans 149 170
Borrowings from fellow subsidiaries 250 250
7,223 7,251
Total borrowings 7,672 8,672
Total borrowings are repayable as follows:
2010 2009
£m £m
In one year or less 449 1,421
In more than one year, but not more than two years 251 1
In more than two years, but not more than three years 222 250
In more than three years, but not more than four years 730 221
In more than four years, but not more than five years 134 752
In more than five years other than by instalments 5,886 6,027
7,672 8,672
The notional amount outstanding of the debt portfolio as at 31 March 2010 was £7,819m (2009: £8,805m).
None of the Company's borrowings are secured by charges over assets of the Company.
18. Trade and other payables
2010 2009
£m £m
Trade payables 439 382
A
mounts owed to fellow subsidiaries 125 209
Social security and other taxes 72 62
Other payables 34 33
Deferred income 136 128
806 814
Due to their short maturities, the fair value of trade and other payables (excluding deferred income) approximates to their book value.
A
ll trade and other payables are recorded at amortised cost.
All of the unused facilities at 31 March 2010 and at 31 March 2009 were held as back-up to commercial paper and similar borrowings.
The fair value of borrowings at 31 March 2010 was £7,765m (2009: £7,760m). Market values, where available, have been used to determine
fair values. Where market values are not available, fair values have been calculated by discounting cash flows at prevailing interest rates.
As at 31 March 2010, the Company had committed credit facilities of £700m (2009: £755m) of which £700m was
undrawn (2009: £755m undrawn). These undrawn facilties expire within one year.
Collateral is placed with or received from any counterparty where we have entered into a credit support annex to the ISDA Master Agreement
once the current mark-to-market valuation of the trades between the parties exceeds an agreed threshold. Included in current bank loans is
£240m (2009: £273m) in respect of cash received under collateral agreements. No cash has been placed under collateral agreements.
In addition to the borrowings detailed above, subsequent to 31 March 2010 NGG drew down amounts totalling £300 million on loan
agreements signed prior to the year end.