Notes to the financial statements
For the 52 weeks ended 1 March 2008
21. Cash and cash equivalents
| 2008 £m |
2007 £m |
|
|---|---|---|
| Cash at bank and in hand | 174.0 | 283.8 |
The effective interest rate during the period ended 1 March 2008 for cash and cash equivalents was 5.5% (2007: 4.8%). Under the terms of a re-insurance agreement, bank balances totalling £3.4m (2007: £3.5m) are the subject of custodial agreements and may not be withdrawn without the consent of the re-insured.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 £12.5m (2007: £22.6m) to AIG Europe (UK) Limited as part of their re-insurance agreement. These letters are secured by cash deposits.
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