Notes to the Group Financial Statements
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| 21. Trade and other payables | ||
| 2007 $m |
Restated 2006 $m |
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| Current trade payables: | ||
| Amounts owed to broker dealers on secured stock lending and borrowing | – | 12,358 |
| Securities transactions in the course of settlement | – | 4,680 |
| Futures transactions | – | 1,519 |
| Short stock positions held for hedging | – | 620 |
| Repurchase contracts | – | 1,570 |
| Short inventory | – | 146 |
| Other trade payables | 10 | 654 |
| Amounts owed to joint ventures and associates | 14 | 9 |
| Other taxation and social security costs | 55 | 41 |
| Accrued expenses | 273 | 455 |
| Other categories of payables | 124 | 85 |
| 476 | 22,137 | |
| 2007 $m |
2006 $m |
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| Non-current trade payables: | ||
| Repurchase contracts | – | 1,927 |
| Short inventory | – | 1,941 |
| Other categories of payables | 2 | 3 |
| 2 | 3,871 | |
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Trade and other payables of $48,001 million attributable to Brokerage operations have been reclassified as discontinued operations (Note 8) in the year ended 31 March 2007. The fair values of non-current trade payables are determined by reference to the discounted future interest and principal cash payments on the bonds, and treasury bills and notes held as collateral against the repurchase contracts. In the comparative period, the fair value was $3,831 million and the weighted average period to maturity was 1.7 years. |
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| Trade and other payables are denominated in the following currencies: | ||
| 2007 $m |
2006 $m |
|
| US dollar | 354 | 16,762 |
| Sterling | 83 | 6,048 |
| Euro | 17 | 2,285 |
| Other | 24 | 913 |
| 476 | 26,008 | |
| Trade and other payables attract the following types of interest rates: | ||
| 2007 $m |
2006 $m |
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| Floating rate | 100 | 19,454 |
| Fixed rate | – | 5,848 |
| Non-interest bearing | 378 | 706 |
| 478 | 26,008 | |
| For fixed interest bearing payables, the weighted average effective interest rate in the comparative period was 4.7%. | ||