NOTES TO THE BALANCE SHEET

24. Liabilities
20152014
NON-CURRENT LIABILITIES
Interest-bearing
Bond99.599.4
Bank loans0.20.2
Pension loans15.022.1
Other liabilities2.50.0
Non-current interest-bearing liabilities117.2121.8
Non-interest-bearing
Other liabilities0.30.1
Non-current non-interest-bearing liabilities0.30.1
Non-current provisions0.10.1
Deferred tax liability20.224.9
Pension obligations18.815.7
Non-current liabilities156.6162.6
CURRENT INTEREST-BEARING LIABILITIES
Bank loans-16.0
Commercial paper27.011.0
Pension loans7.17.1
Other liabilities2.52.2
Current interest-bearing liabilities36.636.4
TRADE AND OTHER PAYABLES
Advances received0.50.0
Trade payables108.7106.5
Accruals and deferred income
- Short-term interest payable0.91.0
- Matched staff costs53.952.7
- Other short-term accruals and deferred income27.630.6
Derivatives17.417.7
Other liabilities8.17.9
Trade and other payables217.1216.3
Income tax liability0.90.0
Current provisions0.43.1
Current liabilities255.0255.8
Liabilities411.5418.3
Amounts of the Group’s interest-bearing liabilities and their contractual re-pricing periods are as follows:
31 Dec. 201531 Dec. 2014
Under 6 months31.928.9
6–12 months11.414.5
1–5 years110.5114.7
Over 5 years0.00.0
Total153.8158.1
Offsetting financial assets and financial liabilities
(a) Financial assets
The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set off in
the balance sheet
As at 31 Dec. 2015 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives - - - - - -
Foreign exchange derivatives 22.5 22.5 0.1 - - -
Electricity derivatives - - - - - -
Trade receivables 0.5 - 0.5 - 0.2 0.3
Total 23.0 22.5 0.6 - 0.2 0.3
Related amounts not set off in
the balance sheet
As at 31 Dec. 2014 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives - - - - - -
Foreign exchange derivatives 60.8 60.4 0.4 - - -
Electricity derivatives - - - - - -
Trade receivables 0.4 - 0.4 - 0.2 0.2
Total 61.2 60.4 0.8 - 0.2 0.2
(b) Financial liabilities
The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set off in
the balance sheet
As at 31 Dec. 2015 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives 142.6 128.5 14.0 - - -
Foreign exchange derivatives 16.2 15.9 0.3 - - -
Electricity derivatives 8.1 5.2 2.9 - - -
Total 166.9 149.6 17.2 - - -
Related amounts not set off in
the balance sheet
As at 31 Dec. 2014 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives 173.3 157.6 15.7 - - -
Foreign exchange derivatives 9.7 9.6 0.1 - - -
Electricity derivatives 7.9 6.3 1.7 - - -
Total 190.9 173.5 17.5 - - -
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due; failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party; or bankruptcy.