The company’s outstanding derivative financial instruments are as follows:
| All figures in £ millions | 2010 | 2009 | ||||
|---|---|---|---|---|---|---|
| Gross notional amounts | Assets | Liabilities | Gross notional amounts | Assets | Liabilities | |
| Interest rate derivatives – in a fair value hedge relationship | 369 | 24 | – | 360 | 17 | – |
| Interest rate derivatives – not in a hedge relationship | 1,214 | 96 | – | 1,229 | 66 | (7) |
| Cross currency rate derivatives | 220 | 20 | (6) | 220 | 29 | (2) |
| Total | 1,803 | 140 | (6) | 1,809 | 112 | (9) |
| Analysed as expiring: | ||||||
| In less than one year | 319 | 6 | – | 238 | – | (7) |
| Later than one year and not later than five years | 749 | 74 | (6) | 844 | 60 | (2) |
| Later than five years | 735 | 60 | – | 727 | 52 | – |
| Total | 1,803 | 140 | (6) | 1,809 | 112 | (9) |
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.