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| 1998 £m | 1997 £m |
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Debenture loans (unsecured) | |
SF200m 4.75% Guaranteed Bonds 1998 | | 84 |
US$300m 8.25% Guaranteed Bonds 2001 | 181 | 182 |
US$250m 7.125% Bonds 2005 | 150 | 152 |
£150m 9.375% Guaranteed Bonds 2007 | 150 | 150 |
£300m 6.875% Bonds 2023 | 300 | |
US$250m 8.15% Surplus Notes 2027 | 150 | 152 |
£100m 8.5% undated subordinated Guaranteed Bonds | 100 | 100 |
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Total debenture loans | 1,031 | 820 |
Currency translation liability on swap transaction | | 2 |
Bank loans and overdrafts repayable on demand | 64 | 308 |
Commercial paper 1999 | 442 | 166 |
Secured senior and subordinated debt issued by investment subsidiaries managed by Prudential Portfolio Managers | 42 | 58 |
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Total borrowings | 1,579 | 1,354 |
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Comprising: |
| Holding company and finance subsidiaries | 1,223 | 1,002 |
| Other central companies | 59 | 34 |
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| Total central borrowings | 1,282 | 1,036 |
| Long-term business operations | 255 | 260 |
| Investment subsidiaries managed by Prudential Portfolio Managers | 42 | 58 |
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Total borrowings | 1,579 | 1,354 |
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Borrowings are repayable as follows: | |
| Within one year or on demand | 506 | 560 |
| Between one and two years | | |
| Between two and five years | 181 | 182 |
| After five years | 892 | 612 |
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Total borrowings | 1,579 | 1,354 |
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Notes:
(i) | The SF200m loan was repaid on maturity in January 1998. |
(ii) | The Companys debenture loans comprised the US$250m 7.125% Bonds 2005 and the £300m 6.875% Bonds 2023. |
(iii) | Under the terms of the Groups arrangements with its main United Kingdom banker, the bank has a right of set off between credit balances (other than those of long-term funds), and all overdrawn balances of those Group undertakings with similar arrangements. |
(iv) | Borrowings of long-term business operations comprised: |
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1998 £m |
1997 £m |
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| US$250m 8.15% surplus notes 2027 issued by Jackson National Life | 150 | 152 |
| £100m 8.5% undated subordinated Guaranteed Bonds issued by Scottish Amicable Finance plc | |
| (a subsidiary of the Scottish Amicable Insurance Fund of The Prudential Assurance Company Limited) | 100 | 100 |
| Bank overdrafts | 5 | 8 |
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| | 255 | 260 |
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| The interests of the holders of the bonds issued by Scottish Amicable Finance plc are subordinate to the entitlements of the policyholders of the Scottish Amicable Insurance Fund. |
(v) | The senior debt issued by investment subsidiaries managed by Prudential Portfolio Managers is secured on the investments held by the relevant subsidiaries. The interests of the holders of the subordinated debt issued by these subsidiaries are subordinate to the entitlements of the holders of the senior debt. For both classes of debt the holders do not have recourse beyond the assets of these subsidiaries. |
(vi) | Amounts owed to credit institutions included £554m (£867m) of obligations of Jackson National Life under sale and repurchase agreements. |
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