| Year ended 31 March 2005 £m |
2005 £m |
2004 £m |
|
|---|---|---|---|
| Interest payable on | |||
| 84 | Bank loans and overdrafts | 59 | 35 |
| 261 | Other loans | 137 | 130 |
| Loans to joint ventures | 1 | ||
| 2 | Obligations under finance leases | 1 | 1 |
| 347 | 198 | 166 | |
| (8) | Deduct: development cost element | (4) | (2) |
| 339 | 194 | 164 | |
| Interest receivable on | |||
| (10) | Deposits and securities | (4) | (3) |
| (3) | Loans to joint ventures | ||
| (13) | (4) | (3) | |
| Other finance (income) costs | |||
| Pension scheme | |||
| (3) | Expected return on pension scheme assets | 2 | (1) |
| 3 | Interest on pension scheme liabilities | (2) | 1 |
| Fair value hedges | |||
| 7 | Valuation movements on fair value debt | 17 | |
| (7) | Valuation movements on fair value derivatives | (17) | |
| Foreign currency hedges | |||
| (5) | Valuation movements on translation of foreign currency debt | 12 | 3 |
| 5 | Hedging reserve recycling | (12) | (3) |
| 180 | Exceptional item - Broadgate securitisation | ||
| 506 | Net financing costs | 190 | 161 |
| (28) | Total financing income | (35) | (7) |
| 534 | Total financing expenses | 225 | 168 |
| 506 | Net financing costs | 190 | 161 |
On 2 March 2005 the Group incurred an exceptional charge of £180 million whilst redeeming the securitised debt of Broadgate (Funding) PLC and 135 Bishopsgate Financing Limited. On the same day Broadgate Financing PLC issued £2,080 million of new securitised debt in respect of the Broadgate Estate (see note 17). The pre-tax exceptional item of £180 million (post tax: £126 million, after £54 million tax credit) relates mainly to the difference between the redemption value and the carrying value of the redeemed debt.
