Note 20 – Borrowings

The following table analyses the Group’s total borrowings after taking account of currency and interest rate swaps:

		Group			Company
		2005 £m	2004 £m		2005 £m	2004 £m
Amounts falling due within one year:
Bank loans and overdrafts		420	314		89	33
Commercial paper		1,469	557		158	355
Other bonds		1,348	832		534	–
Other loans		19	3		–	–
		3,256	1,706		781	388
Amounts falling due after more than one year:
Bank loans		910	823		–	–
Other bonds		10,043	10,587		1,020	746
Other loans		10	132		–	–
		10,963	11,542		1,020	746
Total borrowings		14,219	13,248		1,801	1,134

		Group			Company
		2005 £m	2004 £m		2005 £m	2004 £m
Total borrowings are repayable as follows:
In one year or less		3,256	1,706		781	388
In more than one year, but not more than two years		2,004	877		–	52
In more than two years, but not more than three years		467	2,043		–	–
In more than three years, but not more than four years		1,213	458		298	–
In more than four years, but not more than five years		1,293	1,575		–	308
In more than five years
– by instalments		35	35		–	–
– other than by instalments		5,951	6,554		722	386
		14,219	13,248		1,801	1,134

Charges over property, plant and other assets of the Group were provided as collateral over borrowings totalling £729m at 31 March 2005 (2004: £925m).

The notional amount outstanding of the Group’s debt portfolio at 31 March 2005 was £14,564m (2004: £14,164m).

The principal items included within Other bonds are listed below. Unless otherwise indicated, these instruments were outstanding at both 31 March 2005 and 31 March 2004.

Issuer	Description of instrument (notional amount)
British Transco Finance (No5) Limited	GBP 115 million Floating Rate Instruments due 2006
British Transco Finance Inc.	USD 300 million 6.625% Fixed Rate Instruments due 2018
British Transco International Finance BV (i)	USD 300 million 6.0% Fixed Rate Instruments due 2004
British Transco International Finance BV (i)	USD 350 million 6.625% Fixed Rate Instruments due 2004
British Transco International Finance BV (i)	ITL 250,000 million 5.25% Fixed Rate Instruments due 2005
British Transco International Finance BV	USD 350 million 7.0% Fixed Rate Instruments due 2006
British Transco International Finance BV	FRF 2,000 million 5.125% Fixed Rate Instruments due 2009
British Transco International Finance BV	USD 1,500 million Zero Coupon Bond due 2021
National Grid Company plc	GBP 240 million 8.0% Fixed Rate Instruments due 2006
National Grid Company plc	EUR 600 million 4.125% Fixed Rate Instruments due 2008
National Grid Company plc	GBP 250 million 4.75% Fixed Rate Instruments due 2010
National Grid Company plc	GBP 300 million 2.983% Guaranteed Retail Price Index-Linked  Instruments due 2018
National Grid Company plc	GBP 220 million 3.806% Retail Price Index-Linked Instruments  due 2020
National Grid Company plc	GBP 450 million 5.875% Fixed Rate Instruments due 2024
National Grid Company plc	GBP 360 million 6.5% Fixed Rate Instruments due 2028
National Grid Company plc	GBP 70 million 3.589% Limited Retail Price Index-Linked Instruments   due 2030
National Grid Company plc	GBP 50 million 2.817% Guaranteed Limited Retail Price Index-Linked  Instruments due 2032
National Grid Company plc (ii)	GBP 75 million 5.0% Fixed Rate Instruments due 2035
National Grid Transco plc (ii)	EUR 200 million Floating Rate Instruments due 2005
National Grid Transco plc (ii)	EUR 500 million Floating Rate Instruments due 2006
National Grid Transco plc	EUR 500 million 3.75% Fixed Rate Instruments due 2008
National Grid Transco plc	EUR 600 million 5.0% Fixed Rate Instruments due 2018
National Grid Transco plc (ii)	EUR 500 million 4.375% Fixed Rate Instruments due 2020
New England Power Company	USD 135.85 million Tax-Exempt Pollution Control Revenue Bonds,  Variable Rate due 2020
New England Power Company	USD 106.15 million Tax-Exempt Pollution Control Revenue Bonds,  Variable Rate due 2022
NGG Finance plc	EUR 1,250 million 5.25% Fixed Rate Instruments due 2006
NGG Finance plc	EUR 750 million 6.125% Fixed Rate Instruments due 2011
Niagara Mohawk Power Corporation (i)	USD 300 million 8.0% Taxable First Mortgage Bonds due 2004
Niagara Mohawk Power Corporation (i)	USD 300 million 5.375% Senior Notes due 2004
Niagara Mohawk Power Corporation	USD 110 million 6.625% Taxable First Mortgage Bonds due 2005
Niagara Mohawk Power Corporation	USD 400 million 7.625% Senior Notes due 2005
Niagara Mohawk Power Corporation	USD 150 million 9.75% Taxable First Mortgage Bonds due 2005
Niagara Mohawk Power Corporation	USD 275 million 7.75% Taxable First Mortgage Bonds due 2006
Niagara Mohawk Power Corporation	USD 200 million 8.875% Senior Notes due 2007
Niagara Mohawk Power Corporation	USD 600 million 7.75% Senior Notes due 2008
Niagara Mohawk Power Corporation	USD 115.71 million 7.2% Tax-Exempt First Mortgage Bonds due 2029*
Transco Holdings plc	GBP 503.078 million Floating Rate Instruments due 2009
Transco Holdings plc	GBP 503.078 million 4.1875% Index-Linked Instruments due 2022
Transco Holdings plc	GBP 503.078 million 7.0% Fixed Rate Instruments due 2024
Transco plc	EUR 650 million 5.25% Fixed Rate Instruments due 2006
Transco plc	GBP 250 million 6.125% Fixed Rate Instruments due 2006
Transco plc (iii)	GBP 300 million 5.625% Fixed Rate Instruments due 2007
Transco plc	GBP 250 million 8.875% Fixed Rate Instruments due 2008
Transco plc	AUD 500 million 7.0% Fixed Rate Instruments due 2008
Transco plc	GBP 300 million 5.375% Fixed Rate Instruments due 2009
Transco plc	GBP 300 million 6.0% Fixed Rate Instruments due 2017
Transco plc	GBP 275 million 8.75% Fixed Rate Instruments due 2025
Transco plc	GBP 50 million 6.2% Fixed Rate Instruments due 2028

(i)	Matured during the year ended 31 March 2005
(ii)	Issued during the year ended 31 March 2005
(iii)	Issue tapped during the year ended 31 March 2005
*	Refinanced and initially issued in auction rate mode during year ended 31 March 2005

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