The Group is exposed to funding risk if there is difficulty in obtaining finance for operations at any given point in time.
The cash flows, funding requirements and liquidity of Group companies are monitored on a centralised basis, under the control of the Group Treasury. The aim of this centralised system is to optimise the efficiency and effectiveness of the management of the Group’s capital resources.
In addition, Group Treasury has the committed credit facilities described in Note 28 of Notes to the Consolidated Financial Statements at December 31, 2007 as a hedge of liquidity risk.