Funding

The Group finances its operations by a combination of retained profits, long and medium term debt capital market issues, commercial paper, bank borrowings and leases, with the objective of ensuring continuity of funding. Our policy is to smooth the debt maturity profile, to arrange funding ahead of requirements and to maintain sufficient undrawn committed bank facilities so that maturing debt may be refinanced as it falls due.

Medium to Long Term Funding
The Group's principal medium to long term funding is through our GBP 10 Bn Euro Medium Term Note Programme.

This information is correct as at 29th October 2007

Medium Term Notes (MTNs) Offering Circular (PDF 287KB).

Short Term Funding

Please find below link to GBP 2bn Euro Commercial Paper documentation.
ECP Dealer Agreement.pdf

Bank Facilities

The Group maintains a GBP 1.6bn committed facility with 13 of our relationship banks. This facility matures in 2014.
Committed facility, Committed facility amendment