2006 £m	2005 £m
Secured on the assets of the Company
8 7/8% First Mortgage Debenture Bonds 2035	247	247
9 3/8% First Mortgage Debenture Stock 2028	197	197
10 1/2% First Mortgage Debenture Stock 2019/24	13	13
11 3/8% First Mortgage Debenture Stock 2019/24	20	20
	477	477
Unsecured
6.30% Senior US Dollar Notes 20151	88	97
10 1⁄4% Bonds 2012	2	2
7.35% Senior US Dollar Notes 20071	92	98
Bank loans and overdrafts	1,049	1,618
	1,231	1,815
Gross debt	1,708	2,292
Interest rate derivatives: liabilities	37
Interest rate derivatives: assets	(24)
	1,721	2,292
Cash and short-term deposits	(13)	(21)
Net debt	1,708	2,271

¹ Principal and interest on these borrowings were fully hedged into Sterling at the time of issue.

Maturity analysis of net debt

		2006 £m	2005 £m
Repayable:	within one year and on demand	102	380
between:	one and two years	10	242
	two and five years	1,003	1,093
	five and ten years	114	1
	ten and fifteen years		97
	fifteen and twenty years	32	32
	twenty and twenty five years	198	198
	twenty five and thirty years	249
	thirty and thirty five years		249
		1,606	1,912
Gross debt		1,708	2,292
Interest rate derivatives		13
Cash and short-term deposits		(13)	(21)
Net debt		1,708	2,271

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