Accounts
Notes to the Accounts
Note 8 – Net interest
| |
2005 £m |
2004 £m |
2003 £m |
|---|---|---|---|
| Bank loans and overdrafts | 45 | 51 | 36 |
| Other | 846 | 869 | 945 |
| Interest payable and similar charges | 891 | 920 | 981 |
| Unwinding of discount on provisions | 7 | 11 | 13 |
| Interest capitalised | (63) | (55) | (28) |
| Interest payable and similar charges net of interest capitalised | 835 | 876 | 966 |
| Interest receivable and similar income | (62) | (58) | (55) |
| 773 | 818 | 911 | |
| Joint ventures (including exceptional net interest of £nil (2004: £nil; 2003: £31m), net of interest capitalised £nil (2004: £nil; 2003: £1m)) |
10 | 4 | 59 |
| Net interest | 783 | 822 | 970 |
| Comprising: | |||
| Net interest, excluding exceptional net interest | 783 | 822 | 939 |
| Exceptional net interest (note 4(c)) | – | – | 31 |
| Net interest, including exceptional net interest | 783 | 822 | 970 |
Interest on the funding attributable to assets in the course of construction was capitalised during the year at a rate of 5.6% (2004: 5.7%; 2003: 5.9%).
Interest payable and similar charges includes £12m (2004: £4m; 2003: £12m) relating to losses incurred on the repurchase of debt during the year.