For the short period 1 April 2006 to 3 March 2007
| 2007 £m |
2006 £m |
||||
| Cash at bank and in hand | 283.8 | 130.0 |
The effective interest rate during the period ended 3 March 2007 for cash and cash equivalents was 4.8% (2006: 2.7%).
Under the terms of a re-insurance agreement, bank balances totalling £3.5m (2006: £5.8m) are the subject of custodial agreements and may not be withdrawn without the consent of the re-insured.
Home Retail Group has provided letters of credit totalling £22.6m
(2006: £28.2m) to AIG Europe (UK) Limited as part of their
re-insurance agreement. These letters are secured by cash deposits.