17. Derivative financial instruments 

      2008       2007  
  Assets   Liabilities   Assets   Liabilities  
  £m   £m   £m   £m  
Interest rate swaps – cash flow hedge 1   207   15   234  
Other interest rate swaps 25   239   11   240  
Cross currency swaps – cash flow hedge 340   605   10   755  
Cross currency swaps – fair value hedge –   20   –   78  
Forward foreign exchange contracts – cash flow hedge 20   1   16   3  
Other forward foreign exchange contracts 1   –   –   –  
 
  387   1,072   52   1,310  
 
Analysed as:                
Current 77   267   27   318  
Non current 310   805   25   992  
 
  387   1,072   52   1,310  
 

The credit rating of counterparties with which derivative assets are held ranged from AAA to A with Standard and Poor’s (S&P) and Aaa to A with Moody’s in the 2008 financial year (2007: AA to A with S&P and Aa to A with Moody’s).
     Details of hedges in which the derivative financial instruments are utilised are disclosed in note 33.

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