|Interest payable on borrowings held at amortised cost||241.7||249.1|
|Release of taxation interest accrual||(13.3)||–|
|Fair value (gains)/losses on debt and derivative instruments(1)|
|Fair value hedge relationships:|
|Financial instruments at fair value through profit or loss:|
|Borrowings designated at fair value through profit or loss(2)||(32.6)||17.6|
|Held for trading derivatives – economic hedge||53.6||(13.5)|
|Held for trading derivatives – 2010–15 regulatory hedges||(61.5)||(16.1)|
|Held for trading derivatives – 2015+ regulatory hedges||(67.6)||52.6|
|Held for trading derivatives – electricity hedges||4.2||1.5|
|Net receipts on swaps and debt under fair value option||(8.7)||(7.6)|
|Held for trading derivatives – other(3)||6.4||4.0|
|Net fair value (gains)/losses on debt and derivative instruments(4)||(129.2)||41.5|
|Net pension interest expense (see note 19)||–||1.5|
* The comparatives have been restated to reflect the requirements of IAS 19 (Revised) 'Employee Benefits'. See accounting policies for details.
- Fair value (gains)/losses on debt and derivative instruments includes foreign exchange gains of £60.3 million (2013: £14.6 million losses), excluding those on instruments measured at fair value through profit or loss. These gains/losses are largely offset by fair value losses/gains on derivatives.
- Includes £11.1 million losses (2013: £1.5 million losses) on the valuation of debt reported at fair value through profit or loss due to changes in credit spread assumptions.
- Includes fair value movements in relation to other economic hedge derivatives relating to debt held at amortised cost.
- Includes £8.1 million income (2013: £8.3 million) due to interest on swaps and debt under fair value option.
Interest payable for the year ended 31 March 2014 is stated net of £19.4 million (2013: £14.3 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and other intangible assets during the year. This has been calculated by applying a capitalisation rate of 3.8 per cent (2013: 4.3 per cent) to expenditure on such assets as prescribed by IAS 23 'Borrowing Costs'.