BT 2001 Annual Report Download - page 121

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35. Financial instruments and risk management (continued)
Financial liabilities
After taking into account the various interest rate swaps and forward foreign currency contracts entered into by the group, the
interest rate pro¢le of the group’s ¢nancial liabilities at 31 March was:
2001 2000
Fixed rate
financial
liabilities
£m
Floating rate
financial
liabilities
£m
Financial
liabilities on
which no
interest
is paid
£m
Total
£m
Fixed rate
financial
liabilities
£m
Floating rate
financial
liabilities
£m
Financial
liabilities on
which no
interest
is paid
£m
Total
£m
Currency:
Sterling 13,501 10,528 357 24,386 2,429 6,686 376 9,491
US dollar 806 145 293 1,244 353 83 7 443
Euro 4,759 664 72 5,495 424 389 30 843
Yen 508 – – 508 508 – 1 509
Other ––––– 111 4 115
Total 19,574 11,337 722 31,633 3,714 7,269 418 11,401
For the ¢xed rate ¢nancial liabilities, the average interest rates and the average periods for which the rates are ¢xed are:
2001 2000
Weighted
average
interest
rate
%
Weighted
average
period for
which rate
is fixed
Years
Weighted
average
interest
rate
%
Weighted
average
period for
which rate
is fixed
Years
Currency:
Sterling 7.5 16 9.1 15
US dollar 8.5 7 8.7 8
Euro 6.3 6 5.8 8
Yen 1.2 4 1.2 4
Total 7.1 13 7.6 12
The £oating rate ¢nancial liabilities bear interest at rates ¢xed in advance for periods ranging from one day to one year by
reference to LIBOR. The ¢nancial liabilities on which no interest is paid are due to mature within one year of the balance sheet
date.
The maturity pro¢le of ¢nancial liabilities is as given in note 23.
Financial assets
After taking into account the various interest rate swaps and forward foreign currency contracts entered into by the group, the
interest rate pro¢le of the group’s ¢nancial assets at 31 March was:
2001 2000
Fixed rate
financial
assets
£m
Floating rate
financial
assets
£m
Financial assets
on which no
interest is paid
£m
Total
£m
Fixed rate
financial
assets
£m
Floating rate
financial
assets
£m
Financial assets
on which no
interest is paid
£m
Total
£m
Currency:
Sterling 56 2,935 306 3,297 395 2,869 265 3,529
US dollar – 293 – 293 –31 –31
Euro 19 315 – 334 –53 –53
Other –27 –27 –29 –29
Total 75 3,570 306 3,951 395 2,982 265 3,642
BT Annual report and Form 20-F 121