Aviva 2007 Annual Report Download - page 213
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47 – Borrowings continued
Movements in borrowings during the previous year were:
Total
Core structural Operational 2006
£m £m £m
New borrowings drawn down, net of expenses 3,967 2,152 6,119
Repayment of borrowings (3,793) (1,425) (5,218)
Net cash inflow 174 727 901
Foreign exchange rate movements (76) (107) (183)
Borrowings acquired for non-cash consideration – 11 11
Acquisitions 303 139 442
Fair value movements – (52) (52)
Amortisation of discounts and other non-cash items 5 – 5
Movements in the year 406 718 1,124
Balance at 1 January 3,803 7,210 11,013
Balance at 31 December 4,209 7,928 12,137
All movements in fair value in 2007 and 2006 on securitised mortgage loan notes designated as fair value through profit
or loss were attributable to changes in market conditions. These loan notes have external credit ratings which have not
changed since the inception of the loans.
(f) Undrawn borrowings
The Group has the following undrawn committed central borrowing facilities available to it, of which £1,000 million
(2006: £1,000 million) is used to support the commercial paper programme:
2007 2006
£m £m
Expiring within one year 500 1,180
Expiring beyond one year 1,575 980
2,075 2,160
48 – Payables and other financial liabilities
This note analyses our financial liabilities at the end of the year.
2007 2006
£m £m
Payables arising out of direct insurance 1,731 1,389
Payables arising out of reinsurance operations 410 408
Deposits received from reinsurers 1,294 1,244
Bank overdrafts 621 696
Derivative liabilities 606 355
Bank customer accounts 2,460 2,008
Bank deposits received from other banks 1,288 1,013
Amounts due to brokers for investment purchases 901 342
Obligations for repayment of collateral received (notes 24c(i) & 56e) 6,545 2,129
Obligations under stock repurchase arrangements (note 24c(ii)) 358 722
Other financial liabilities 1,918 1,058
18,132 11,364
Less: Amounts classified as held for sale (72) –
18,060 11,364
Expected to be settled within one year 16,097 10,329
Expected to be settled in more than one year 1,963 1,035
18,060 11,364
Bank overdrafts arise substantially from unpresented cheques and amount to £183 million (2006: £266 million)
in long-term business operations and £438 million (2006: £430 million) in general business and other operations.
Aviva plc
Annual Report and
Accounts 2007
209
Financial
statements