vi  Current asset investments
Under US GAAP, investments in debt securities would be classified as either trading, available-for-sale or held-to-maturity. Trading investments would be stated at fair values and the unrealised gains and losses would be included in income. Securities classified as available-for-sale would be stated at fair values, with unrealised gains and losses, net of deferred taxes, reported in shareholders’ equity. Debt securities classified as held-to-maturity would be stated at amortised cost. The following analyses do not include securities with original maturities of less than three months.
     At 31 March 2005, the group held trading investments (as defined by US GAAP) with fair values totalling £339 million (2004 – £423 million). Held-to-maturity securities at 31 March 2005 and 2004 consisted of the following:

			Amortised cost £m			Estimated fair value £m
Commercial paper, medium-term notes and other investments at 31 March 2005			2,003			2,003
Commercial paper, medium-term notes and other investments at 31 March 2004			3,629			3,629

The contractual maturities of the held-to-maturity debt securities at 31 March 2005 were as follows:

			Amortised cost £m			Estimated fair value £m
Maturing on or before 31 March 2006			1,999			1,999
Maturing after 1 year through 5 years			4			4
Total at 31 March 2005			2,003			2,003

Available for sale investments at 31 March 2005 and 2004 consisted of the following:

			Amortised cost £m			Estimated fair value £m
Commercial paper, medium-term notes and other investments at 31 March 2005			1,149			1,149
Commercial paper, medium-term notes and other investments at 31 March 2004			214			214

The contractual maturities of the available for sale investments at 31 March 2005 were as follows:

			Amortised cost £m			Estimated fair value £m
Maturing on or before 31 March 2006			1,149			1,149
Maturing after 1 year through 5 years			–			–
Total at 31 March 2005			1,149			1,149

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