Notes to the financial statements
15. Cash and cash equivalents
| Group | Company | ||||
|---|---|---|---|---|---|
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||
| Cash at bank and in hand | 57.0 | 48.9 | 0.7 | 0.4 | |
| Short-term deposits | 5.2 | 39.9 | – | 6.0 | |
| Total | 62.2 | 88.8 | 0.7 | 6.4 | |
At 31 December 2008 £5.1m (2007: £24.0m) of the short-term deposits and £3.0m (2007: £0.2m) of the cash at bank and in hand are held by a company in the Group that is separately regulated. The regulators of this company require its cash balances to be retained within the company and these monies cannot be used to finance other parts of the Group or to repay borrowings of the Group.
The average period to maturity of the short-term deposits is one month (2007: one month). The currency profile of cash and cash equivalents is as follows:
| Group | Company | ||||
|---|---|---|---|---|---|
| 2008 £m |
2007 £m |
2008 £m |
2007 £m |
||
| Sterling | 8.2 | 36.2 | 0.1 | 6.3 | |
| Polish zloty | 20.0 | 28.5 | – | 0.1 | |
| Czech crown | 8.4 | 11.1 | 0.1 | – | |
| Slovak crown | 2.7 | 1.2 | – | – | |
| Hungarian forint | 6.8 | 6.4 | – | – | |
| Mexican peso | 3.4 | 2.8 | – | – | |
| Romanian leu | 10.1 | 1.4 | 0.5 | – | |
| Russian rouble | 2.6 | 1.2 | – | – | |
| Total | 62.2 | 88.8 | 0.7 | 6.4 | |
All of the cash and cash equivalents accrue interest at floating rates linked to the relevant national reference rate. The weighted average fixed interest rate on cash and cash equivalents was 2.00% (2007: 5.36%).