NOTES TO THE BALANCE SHEET

24. Liabilities
2016 2015
NON-CURRENT LIABILITIES
Interest-bearing
Bond 99.7 99.5
Bank loans 15.7 0.2
Pension loans 7.9 15.0
Other liabilities 3.7 2.5
Non-current interest-bearing liabilities 126.9 117.2
Non-interest-bearing
Other liabilities 0.1 0.3
Non-current non-interest-bearing liabilities 0.1 0.3
Non-current provisions 0.1 0.1
Deferred tax liability 17.0 20.2
Pension obligations 22.7 18.8
Non-current liabilities 166.7 156.6
CURRENT INTEREST-BEARING LIABILITIES
Commercial paper 7.0 27.0
Pension loans 7.1 7.1
Other liabilities 3.0 2.5
Current interest-bearing liabilities 17.2 36.6
TRADE AND OTHER PAYABLES
Advances received 0.2 0.5
Trade payables 158.7 108.7
Accruals and deferred income
- Short-term interest payable 0.9 0.9
- Matched staff costs 55.8 53.9
- Other short-term accruals and deferred income 22.1 27.6
Derivatives 13.7 17.4
Other liabilities 7.9 8.1
Trade and other payables 259.2 217.1
Income tax liability 0.3 0.9
Current provisions 1.6 0.4
Current liabilities 278.4 255.0
Liabilities 445.1 411.5
Amounts of the Group’s interest-bearing liabilities and their contractual re-pricing periods are as follows:
31 Dec. 2016 31 Dec. 2015
Under 6 months 29.2 31.9
6–12 months 8.8 11.4
1–5 years 106.1 110.5
Over 5 years 0.0 0.0
Total 144.1 153.8
Offsetting financial assets and financial liabilities
(a) Financial assets
The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set off in
the balance sheet
As at 31 Dec. 2016 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives - - - - - -
Foreign exchange derivatives 17.1 17.0 0.1 - - -
Electricity derivatives 3.7 3.1 0.6 - - -
Trade receivables 0.6 - 0.6 - 0.2 0.4
Total 21.4 20.1 1.3 - 0.2 0.4
Related amounts not set off in
the balance sheet
As at 31 Dec. 2015 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives - - - - - -
Foreign exchange derivatives 22.5 22.5 0.1 - - -
Electricity derivatives - - - - - -
Trade receivables 0.5 - 0.5 - 0.2 0.3
Total 23.0 22.5 0.6 - 0.2 0.3
(b) Financial liabilities
The following financial liabilities are subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not set off in
the balance sheet
As at 31 Dec. 2016 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives 139.8 126.3 13.4 - - -
Foreign exchange derivatives 20.7 20.4 0.3 - - -
Electricity derivatives 3.2 2.7 0.5 - - -
Total 163.7 149.4 14.2 - - -
Related amounts not set off in
the balance sheet
As at 31 Dec. 2015 Gross amounts
of recognised
financial assets
Gross amounts
of recognised
financial liabilities
set off in the
balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
Cash
collateral
received
Net amount
Interest rate derivatives 142.6 128.5 14.0 - - -
Foreign exchange derivatives 16.2 15.9 0.3 - - -
Electricity derivatives 8.1 5.2 2.9 - - -
Total 166.9 149.6 17.2 - - -
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due; failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party; or bankruptcy.