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36. Financial instruments and risk management continued
The following information is provided in accordance with the requirements of FRS 13 ± ``Derivatives and other ®nancial
instruments: disclosures''. Except for disclosures under currency exposures below, the ®nancial information excludes all of
the group's short-term debtors and creditors.
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:
2002 2001
Currency:
Fixed rate
®nancial
liabilities
£m
Floating rate
®nancial
liabilities
£m
Total
£m
Fixed rate
®nancial
liabilities
£m
Floating rate
®nancial
liabilities
£m
Total
£m
Sterling 11,809 5,729 17,538 13,501 10,528 24,029
US dollar 118 ± 118 806 145 951
Euro 173 611 784 4,759 664 5,423
Yen ±±±508 ± 508
Total 12,100 6,340 18,440 19,574 11,337 30,911
For the ®xed rate ®nancial liabilities, the average interest rates and the average periods for which the rates are ®xed are:
2002 2001
Currency:
Weighted
average
interest
rate
%
Weighted
average
period for
which rate
is ®xed
Years
Weighted
average
interest
rate
%
Weighted
average
period for
which rate
is ®xed
Years
Sterling 8.5 12 7.5 16
US dollar 8.0 7 8.5 7
Euro 6.7 8 6.3 6
Yen ± ± 1.2 4
Total 8.5 12 7.1 13
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 25.
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:
2002 2001
Currency:
Fixed rate
®nancial
assets
£m
Floating rate
®nancial
assets
£m
Financial
assets
on which no
interest is
paid
£m
Total
£m
Fixed rate
®nancial
assets
£m
Floating rate
®nancial
assets
£m
Financial
assets
on which no
interest is
paid
£m
Total
£m
Sterling 15 4,724 255 4,994 56 2,979 72 3,107
US dollar ± ± 4 4 ± 293 371 664
Euro ± ± 79 79 19 315 87 421
Other ± ± 35 35 ± 27 203 230
Total 15 4,724 373 5,112 75 3,614 733 4,422
The sterling ®xed rate ®nancial assets yield interest at a weighted average of 4.3% (2001 ± 6.3%) for a weighted average
period of 39 months (2001 ± 30 months).
The ¯oating rate ®nancial assets bear interest at rates ®xed in advance for periods up to one year by reference
to LIBOR.
Notes to the financial statements
124 BT Group Annual Report and Form 20-F 2002