|Interest payable on borrowings held at amortised cost||206.1||241.2|
|Release of taxation interest accrual||–||(13.3)|
|Fair value losses/(gains) 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)||65.0||(32.6)|
|2010–15 regulatory swaps(3)||(52.6)||(61.5)|
|2015+ regulatory swaps(3)||186.1||(67.6)|
|Net receipts on swaps and debt under fair value option||(2.5)||(8.7)|
|Net fair value losses/(gains) on debt and derivative instruments(5)||104.7||(129.2)|
|Net pension interest expense (see note 18)||7.0||–|
* The comparatives have been restated to reflect the requirements of IFRS 11 'Joint Arrangements'. See accounting policies for details.
- 'Fair value losses/(gains) on debt and derivative instruments' includes foreign exchange gains of £10.5 million (2014: £60.3 million), excluding those on instruments measured at fair value through profit or loss. These gains are largely offset by fair value losses on derivatives.
- Includes a £4.6 million loss (2014: £11.1 million) on the valuation of debt reported at fair value through profit or loss due to changes in credit spread assumptions.
- These swap contracts are not designated within an IAS 39 hedge relationship and are, as a result, classed as 'held for trading' under the accounting standard. These derivatives form economic hedges and, as such, management intend to hold these through to maturity.
- Includes fair value movements in relation to other economic hedge derivatives relating to debt held at amortised cost.
- Includes £4.0 million income (2014: £8.1 million) due to interest on swaps and debt under fair value option.
Interest payable for the year ended 31 March 2015 is stated net of £20.9 million (2014: £19.4 million) borrowing costs capitalised in the cost of qualifying assets within property, plant and equipment and intangible assets during the year. This has been calculated by applying a capitalisation rate of 3.1 per cent (2014: 3.8 per cent) to expenditure on such assets as prescribed by IAS 23 'Borrowing Costs'.