5. Financial liabilities – Borrowings

All figures in £ millions	2007	2006
Non-current
10.5% Sterling Bonds 2008 (nominal amount £100m)	–	105
7% Global Dollar Bonds 2011 (nominal amount $500m)	264	266
7% Sterling Bonds 2014 (nominal amount £250m)	251	251
4.625% US Dollar notes 2018 (nominal amount $300m)	143	139
	658	761
Current
Due within one year or on demand:
Bank loans and overdrafts	644	363
6.25% Euro Bonds 2007 (nominal amount €591m)	–	421
10.5% Sterling Bonds 2008 (nominal amount £100m)	105	–
	749	784
Total borrowings	1,407	1,545

Included in the non-current borrowings above is £4m of accrued interest (2006: £10m).
Included in the current borrowings above is £7m of accrued interest (2006: £22m).

The maturity of the Company’s non-current borrowings is as follows:

All figures in £ millions		2007	2006
Between one and two years		–	105
Between two and five years		264	266
Over five years		394	390
		658	761

As at 31 December 2007 the exposure of the borrowings of the Company to interest rate changes when the borrowings re-price is as follows:

All figures in £ millions	Total	One year	One to five years	More than five years
Carrying value of borrowings	1,407	749	264	394
Effect of rate derivatives	–	359	(7)	(352)
	1,407	1,108	257	42

The carrying amounts and market values of non-current borrowings are as follows:

All figures in £ millions	Effective interest rate	Carrying amount 2007	Market value 2007	Carrying amount 2006	Market value 2006
10.5% Sterling Bonds 2008	10.53%	–	–	105	106
7% Global Dollar Bonds 2011	7.16%	264	267	266	269
7% Sterling Bonds 2014	7.20%	251	261	251	265
4.625% US Dollar notes 2018	4.69%	143	135	139	135
		658	663	761	775

The market values are based on clean market prices at the year end or, where these are not available, on the quoted market prices of comparable debt issued by other companies. The effective interest rates above relate to the underlying debt instruments.

The carrying amounts of the Company’s borrowings are denominated in the following currencies:

All figures in £ millions		2007	2006
US dollar		779	462
Sterling		620	654
Euro		8	429
		1,407	1,545