Aviva 2009 Annual Report Download - page 245

243
Performance review
Aviva plc Notes to the consolidated financial statements continued
Corporate responsibility
Annual Report and Accounts 2009
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
48 – Borrowings continued
(v) Securitised mortgage loan notes
Loan notes have been issued by special purpose securitisation companies in the UK and the Netherlands. Details of these
securitisations are given in note 23.
For the Dutch securitised mortgage loan notes carried at amortised cost of £2,221 million
(2008: £2,353 million,
2007: £2,283 million)
, their fair value is £2,170 million (2008: £2,224 million, 2007: £2,283 million) , calculated based
on the future cash flows discounted back at the market rate of interest.
(e) Movements during the year
Movements in borrowings during the year were:
Core Total
structural Operational 2009
£m £m £m
New borrowings drawn down, net of expenses 2,739 1,521 4,260
Repayment of borrowings (2,546) (1,307) (3,853)
Net cash inflow 193 214 407
Foreign exchange rate movements (232) (566) (798)
Fair value movements — 187 187
Amortisation of discounts and other non-cash items 3 — 3
Movements in the year (36) (165) (201)
Balance at 1 January 5,525 9,676 15,201
Balance at 31 December 5,489 9,511 15,000
Movements in borrowings during the previous year were:
Core Total
structural Operational 2008
£m £m £m
New borrowings drawn down, net of expenses 3,929 1,586 5,515
Repayment of borrowings (3,496) (1,721) (5,217)
Net cash inflow 433 (135) 298
Foreign exchange rate movements 779 1,779 2,558
Borrowings acquired for non-cash consideration — (3) (3)
Acquisitions — 81 81
Fair value movements — (404) (404)
Amortisation of discounts and other non-cash items 2 — 2
Movements in the year 1,214 1,318 2,532
Balance at 1 January 4,311 8,358 12,669
Balance at 31 December 5,525 9,676 15,201
All movements in fair value in 2009 and 2008 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 and Company have the following undrawn committed central borrowing facilities available to it, of which £1,000
million
(2008: £1,000 million, 2007: £1,000 million) is used to support the commercial paper programme:
2009
£m
2008
£m
2007
£m
Expiring within one year
Expiring beyond one year
600
1,510
815
1,285
500
1,575
2,110 2,100 2,075
Financial statements IFRS