XIX. Other financial liabilities

XIX. Other financial liabilities

The fair value of exchange rate hedges refers to derivatives outstanding at 31 December 2008. The change in value during the year corresponds to the change in the underlying exposure.

The fair value of interest rate hedges refers to derivatives (mostly interest rate swaps) outstanding at 31 December 2008, with notional values of €340m, £400m and $110m. The change since 2007 results from interest rate trends during the year and from new contracts with values of £400m and €220m. Details of the derivatives outstanding at
year end are provided in section 3.6, "Financial risk management".