Notes to the financial statements
29. Contingent liabilities
The Company has a contingent liability for guarantees given in respect of the borrowings of certain other Group companies to a maximum of £437.7m (2007: £367.5m). At 31 December 2008 the fixed and floating rate borrowings under these facilities amounted to £380.7m (2007: £323.7m). The directors do not expect any loss to arise. These guarantees are defined as financial guarantees under IAS 39 and their fair value at 31 December 2008 was £nil (2007: £nil).