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5 Derivative financial instruments
The Company’s outstanding derivative financial instruments are as follows:
| 2006 | |||
|---|---|---|---|
| All figures in £ millions | Gross notional amounts |
Assets | Liabilities |
| Interest rate derivatives – in a fair value hedge relationship | 953 | 20 | (17) |
| Interest rate derivatives – not in hedge relationship | 1,026 | 9 | (2) |
| Cross currency rate derivatives | 410 | 57 | – |
| Total | 2,389 | 86 | (19) |
| 2005 | |||
| All figures in £ millions | Gross notional amounts |
Assets | Liabilities |
| Interest rate derivatives – in a fair value hedge relationship | 1,109 | 31 | (16) |
| Interest rate derivatives – not in hedge relationship | 1,185 | 14 | (6) |
| Cross currency rate derivatives | 410 | 34 | – |
| Total | 2,704 | 79 | (22) |
The carrying value of the above derivative financial instruments equals their fair value. Fair values are determined by using market data and the use of established estimation techniques such as discounted cash flow and option valuation models. The net current portion of the above derivatives amounts to £50m (2005: £nil).