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22 Investments of the Company
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| Shares in subsidiary undertakings | Loans to subsidiary undertakings |
| | 1998 £m | 1998 £m |
|
| At beginning of year | 2,642 | 1,148 |
| Investment in subsidiary undertakings | 152 | – |
| Exchange rate movements | – | (2) |
| Advances of new loans | – | 319 |
| Repayments of loans | – | (1) |
|
| At end of year | 2,794 | 1,464 |
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