- Financial Statements
Notes to the Consolidated Financial Statements
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for the year to 31 December 2007
19. Bank loans and overdrafts
| 2007 | 2006 | |
| £m | £m | |
| Bank overdrafts repayable on demand | 12.2 | 0.2 |
| Bank loans | 708.5 | 14.5 |
| 720.7 | 14.7 | |
| Amount due for settlement within 12 months | 12.2 | 12.3 |
| Amount due for settlement after 12 months | 708.5 | 2.4 |
| Bank overdraft £m |
Bank loans £m |
|
| Analysis of borrowings by currency: | ||
| 31 December 2007 | ||
| Sterling | 0.7 | 295.0 |
| Canadian dollars | 8.0 | – |
| Ghanaian cedis | 3.5 | – |
| US dollars | – | 413.5 |
| 12.2 | 708.5 | |
| 31 December 2006 | ||
| Sterling | 0.2 | – |
| Canadian dollars | – | 8.4 |
| Ghanaian cedis | – | 3.9 |
| US dollars | – | 2.2 |
| 0.2 | 14.5 |
Bank borrowings are arranged at floating rates of interest, from 5.25 per cent to 18.0 per cent (2006: 1.95 per cent to 20.6 per cent).
Secured bank loans and overdrafts totalled £4.5m (2006: £14.5m). Secured bank loans and overdrafts are secured on certain fixed asset properties and land.
At 31 December 2007, the Group had available £1,192.9m (2006: £629.5m) of undrawn committed revolving credit facilities.
There were no defaults or breaches of loan terms during the current or preceding period.