1997	1996
All figures in £ million
Interest payable and similar charges:
On borrowing repayable wholly within five years not by instalments	(32.3)	(18.4)
On borrowing repayable wholly or partly after five years	(44.4)	(52.2)
Partnerships and associated undertakings	-	(0.3)
Finance lease charges	(0.1)	(0.1)
Interest capialised	-	0.2
	(76.8)	(70.8)
Interest receivable and similar income:
On deposits and liquid funds	37.0	38.8
Amortisation of swap proceeds (see note 18)	2.5	2.5
Net interest payable	(37.3)	(29.5)
Interest cover	9 times	6 times

Note: Interest cover is calculated by dividing net interest payable into operating profit.

A £10.3m premium was paid on the redemption of the £25m (13.625%) 2007 Unsecured Loan Stock in 1996.