Financial statements
Notes to the financial statements
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23 Subordinated liabilities
| Group 2007 £m |
Group 2006 £m |
|
|---|---|---|
| Subordinated liabilities are repayable as follows: | ||
| After five years | 21 | 24 |
Subordinated liabilities comprise limited recourse funding from Kreditanstalt für Wiederaufbau ("KfW"), a German federal bank. Repayment of the funding, which individually finances investment assets, is dependent upon the disposal of the associated assets. This funding is subordinated to other creditors of the German subsidiaries to which these funds have been advanced and in certain circumstances become non-repayable should assets fail.