This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Securitisation of receivables
The Group runs two receivables securitisation programmes in the USA under which funds are borrowed from a financial institution, secured on receivables up to the value of the borrowings. Depending on Group cash flows and working capital requirements, the extent of use of these securitisation programmes to borrow funds fluctuates on a short-term basis. As the Group retains the risks in respect of the receivables, it recognises separately on the balance sheet the trade receivables as assets and the short-term borrowings as liabilities.