Aviva 2001 Annual Report Download - page 87

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40 – Debenture loans, amounts due to credit institutions and commercial paper continued
(g) After taking into account the various interest rate and currency swaps entered into by the Group, the currency and interest rate
exposure of the general business and other borrowings of the Group was:
Floating rate borrowings Fixed rate borrowings Total
2001 2000 2001 2000 2001 2000
£m £m £m £m £m £m
Sterling 1,180 1,187 400 100 1,580 1,287
Euro 106 228 387 731 493 959
United States dollar 574 267 ––574 267
Canadian dollar ––876 876
Other 631–73
Total non-long-term business borrowings 1,866 1,685 796 907 2,662 2,592
The floating rate borrowings comprise commercial paper and bank borrowings bearing interest based on local inter-bank offer rates,
which are fixed in advance for the period of the borrowings. Excluding the subordinated perpetual loan notes, the fixed rate
borrowings have a weighted average interest rate of 6.26% (2000: 5.88%) for a weighted average term of 10 years (2000: 10 years).
(h) The Group has the following undrawn committed central borrowing facilities available to it, of which £1,000 million
(2000: £1,000 million) is used to support the commercial paper programme:
2001 2000
£m £m
Expiring within one year 1,550 1,430
Expiring beyond one year 1,430 1,170
2,980 2,600
(i) The difference between the carrying value and the fair value of the non-long-term business fixed rate borrowings and the related
swaps is as follows:
Carrying value Fair value Carrying value Fair value
2001 2001 2000 2000
£m £m £m £m
Non-long-term business fixed rate borrowings 891 1,142 1,012 1,129
Currency swaps (95) (156) (105) (157)
796 986 907 972
(j) The General Accident preference shares, included in minority interests at their par value of £250 million together with an
£8 million accrual for dividends, are listed on the London Stock Exchange. Their fair value at 31 December 2001 was £331 million
(2000: £297 million),based on their quoted market price.
41 – Other creditors including tax and social security
2001 2000
£m £m
Banking and stockbroking liabilities (29b) 3,312 1,899
Proposed final ordinary dividend (14) 536 535
United Kingdom and overseas tax 174 420
Bank overdrafts 918 500
Other 3,627 2,712
Other creditors including tax and social security 8,567 6,066
Bank overdrafts arise substantially from unpresented cheques and amount to £553 million (2000: £281 million) in long-term business
operations and £364 million (2000: £219 million) in general business and other operations. The “other”totals include the obligation to
repay £336 million (2000: £391 million) received under stock repurchase arrangements entered into in the United Kingdom and
the Netherlands.
85 CGNU plc