Notes to the financial statements
For the 52 weeks ended 1 March 2008
23. Loans and borrowings
| Current 2008 £m |
Non-current 2008 £m |
Current 2007 £m |
Non-current 2007 £m |
|
|---|---|---|---|---|
| 4.0% Perpetual securities | – | – | (74.4) | – |
| 4.9% Perpetual securities | – | – | (148.2) | – |
| Other | – | – | (0.9) | – |
| – | – | (223.5) | – | |
| Obligations under finance leases | – | – | (0.1) | – |
| – | – | (223.6) | – |
The effective interest rate of the perpetual securities was the nominal rate indicated above, which was fixed for the term of the debt. The securities were repaid in June 2007. All loans were denominated in sterling. The carrying values of loans and borrowings are a reasonable approximation of their fair values. All of the borrowings of the Group shown above were unsecured. Lease liabilities were effectively secured as the rights to the leased assets revert to the lessor in the event of default.
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