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3 Cash and cash equivalents (excluding overdrafts)
| All figures in £ millions | 2006 | 2005 |
|---|---|---|
| Cash at bank and in hand | 48 | 134 |
| Short-term bank deposits | 105 | 464 |
| 153 | 598 |
Short-term bank deposits are invested with banks and earn interest at the prevailing short-term deposit rates. Cash and cash equivalents have fair values that approximate to their carrying amounts due to their short-term nature.
Cash and cash equivalents include the following for the purpose of the cash flow statement:
| 2006 | 2005 | |
|---|---|---|
| Cash and cash equivalents | 153 | 598 |
| Bank overdrafts | (336) | (326) |
| (183) | 272 |