RBS 2008 Annual Report Download - page 277

RBS Group Annual Report and Accounts 2008276
Additional information continued
Amounts in accordance with IFRS (continued)
Short term borrowings
IFRS
2008 2007 2006
£m £m £m
Commercial paper
Outstanding at year end 78,581 78,612 12,675
Maximum outstanding at any month end during the year 111,108 81,187 14,402
Approximate average amount during the year 98,150 32,498 13,225
Approximate weighted average interest rate during the year 3.3% 4.8% 4.9%
Approximate weighted average interest rate at year end 3.0% 5.5% 5.0%
Other short term borrowings
Outstanding at year end 194,346 280,526 122,576
Maximum outstanding at any month end during the year 395,132 312,557 130,867
Approximate average amount during the year 299,513 188,326 112,008
Approximate weighted average interest rate during the year 3.2% 4.6% 4.5%
Approximate weighted average interest rate at year end 2.5% 4.1% 4.5%
Average interest rates during the year are computed by dividing total
interest expense by the average amount borrowed. Average interest
rates at year end are average rates for a single day and as such may
reflect one-day market distortions which may not be indicative of
generally prevailing rates. Original maturities of commercial paper are
not in excess of one year. ‘Other short-term borrowings’ consist
principally of borrowings in the money markets included within
‘Deposits by banks’ and ‘Customer accounts’ in the financial statements,
and generally have original maturities of one year or less.
Certificates of deposit and other time deposits
The following table shows details of the Group’s certificates of deposit and other time deposits over $100,000 or equivalent by remaining maturity.
Over 3 months Over 6 months
Within but within but within Over 2008
3 months 6 months 12 months 12 months Total
£m £m £m £m £m
UK based companies and branches
Certificates of deposit 23,076 7,475 9,236 13 39,800
Other time deposits 62,623 7,665 5,939 12,359 88,586
Overseas based companies and branches
Certificates of deposit 32,263 1,666 1,316 — 35,245
Other time deposits 111,542 13,498 7,983 15,641 148,664
229,504 30,304 24,474 28,013 312,295