a Cash and cash equivalents

£ million	2008	2007	2008	2007
	Group		Company
Cash at bank and in hand	180	594	175	589
Short-term deposits falling due within three months	503	119	258	73
Cash and cash equivalents	683	713	433	662
Other current interest-bearing deposits maturing after three months	1,181	1,642	399	1,639

At March 31, 2008 the Group and Company had the following undrawn general and committed aircraft financing facilities:

million	Currency	£ equivalent
US dollar facility expiring June 2010	$266	134
US dollar facility expiring December 2015	$115	58
US dollar facility expiring December 2015	$509	256
US dollar facility expiring December 2015	$940	472
US dollar facility expiring December 2015	$1,615	812
Japanese yen facility expiring January 2011	¥75,000	381

At March 31, 2007 the Group and Company had the following undrawn general and committed aircraft financing facilities:

million	Currency	£ equivalent
US dollar facility expiring December 2007	$172	88
US dollar facility expiring May 2008	$180	92
US dollar facility expiring June 2012	$15	8
Japanese yen facility expiring January 2011	¥75,000	325

The decrease in other current interest-bearing deposits maturing after three months, for the Company, is due to the investment in a new subsidiary (see note 19).

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for periods up to three months depending on the cash requirements of the Group and earn interest based on the floating deposit rates. The fair value of cash and cash equivalents is £683 million for the Group (2007: £713 million) and for the Company £433 million (2007: £662 million).

At March 31, 2008 the Group and Company had no outstanding bank overdrafts (2007: £nil).

Included within cash and cash equivalents at March 31, 2007 was £560 million held in escrow for the benefit of the NAPS. This was subsequently paid to the pension fund on April 2, 2007.

Other current interest-bearing deposits are made for periods in excess of three months with maturity typically within 12 months and earn interest based on the market rates available at the time the deposit was made.

At March 31, 2008 the Group and Company had unused overdraft facilities of £20 million (2007: £20 million) and €20 million (£16 million) (2007: €20 million (£14 million) respectively).

The Group and Company held undrawn uncommitted money market lines of £45 million as at March 31, 2008 (2007: £45 million).

b Reconciliation of net cash flow to movement in net debt

£ million	2008	2007
	Group
(Decrease)/increase in cash and cash equivalents during the year	(1)	331
Net cash outflow from decrease in debt and lease financing	424	485
Decrease in current interest-bearing deposits maturing after three months	(458)	(389)
New loans and finance leases taken out and hire purchase arrangements made	(179)	(9)
Reduction in finance leases and loans due to disposal of BA Connect		85
Changes in net debt resulting from cash flows	(214)	503
Exchange and other non-cash movements	(105)	147
Movement in net debt during the year	(319)	650
Net debt at April 1	(991)	(1,641)
Net debt at March 31	(1,310)	(991)

c Analysis of net debt

£ million	Balance at April 1	Net cash flow	Other non-cash	Disposal of BA Connect	Exchange	Balance at March 31
	Group
Cash and cash equivalents	398	331			(16)	713
Current interest-bearing deposits maturing after three months	2,042	(389)			(11)	1,642
Bank and other loans	(1,116)	97		57	16	(946)
Finance leases and hire purchase arrangements	(2,965)	388	(9)	28	158	(2,400)
Year to March 31, 2007	(1,641)	427	(9)	85	147	(991)
Cash and cash equivalents	713	(1)			(29)	683
Current interest-bearing deposits maturing after three months	1,642	(458)			(3)	1,181
Bank and other loans	(946)	68			2	(876)
Finance leases and hire purchase arrangements	(2,400)	184	(7)		(75)	(2,298)
Year to March 31, 2008	(991)	(207)	(7)		(105)	(1,310)

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