Aviva 2007 Annual Report Download - page 210
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47 – Borrowings continued
(c) Operational borrowings
The following table provides information about the carrying amounts and maturity periods of these borrowings.
Borrowings are considered current if the contractual maturity dates are within a year.
2007
Maturity dates of undiscounted cash flows
Carrying Denominated Within Over
value currency 1 year 1-5 years 5-10 years 10-15 years 15 years Total
£m £m £m £m £m £m £m
Amounts owed to
credit institutions
Bank loans 1,064 Various 375 306 314 9 60 1,064
Securitised mortgage
loan notes
UK lifetime
mortgage business 1,674 £ – 14 125 – 1,613 1,752
Dutch domestic
mortgage business 5,620 5––––5,8905,890
7,294 – 14 125 – 7,503 7,642
Total 8,358 375 320 439 9 7,563 8,706
Contractual undiscounted
interest payments 374 1,392 1,705 1,652 8,425 13,548
Total contractual undiscounted
cash flows for
operational borrowings 749 1,712 2,144 1,661 15,988 22,254
2006
Maturity dates of undiscounted cash flows
Carrying Denominated Within Over
value currency 1 year 1-5 years 5-10 years 10-15 years 15 years Total
£m £m £m £m £m £m £m
Amounts owed to
credit institutions
Bank loans 874 Various 273 116 89 114 282 874
Securitised mortgage
loan notes
UK lifetime
mortgage business 1,835 £ ––––1,7211,721
Dutch domestic
mortgage business 5,233 1––––5,2335,233
7,068 ––––6,9546,954
Total 7,942 273 116 89 114 7,236 7,828
Contractual undiscounted
interest payments 351 1,306 1,638 1,603 9,238 14,136
Total contractual undiscounted
cash flows for
operational borrowings 624 1,422 1,727 1,717 16,474 21,964
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market
floating rates as applicable. Year end exchange rates have been used for interest projections on loans in foreign currencies.
All the above borrowings are stated at amortised cost, except for the loan notes issued in connection with the UK lifetime
mortgage business £1,674 million (2006: £1,836 million) and £3,337 million (2006: £3,265 million) of the loan notes
issued in connection with the Dutch domestic mortgage business, which are carried at fair value. These have been
designated at fair value through profit and loss in order to present the relevant mortgages, borrowings and derivative
financial instruments at fair value, since they are managed as a portfolio on a fair value basis. This presentation provides
more relevant information and eliminates any accounting mismatch.
Aviva plc
Annual Report and
Accounts 2007
206
Financial
statements
Notes to the consolidated financial statements continued