This excerpt taken from the ICI 6-K filed Mar 21, 2007.
Trade debtors includes £177m (2005 £196m) of receivables eligible for securitisation with a financial institution. However, at 31 December 2006, the amount borrowed and included within short-term borrowings as liabilities under the securitisation programme was £nil (2005 £nil).
The Company has also provided an asset-backed guarantee, via a wholly owned subsidiary, ICI Receivables Funding Ltd (the SPV) specifically incorporated to provide the guarantee, for £250m to support the Companys commitments to the ICI Pension Fund (see note 34). The asset-backed guarantee is secured by way of fixed and floating charges over certain trade debtors and cash of Group companies, which have been assigned to the SPV. At 31 December 2006, £228m (2005 £268m) of trade debtors included above were assigned to the SPV and £57m (2005 £5m) of cash and cash equivalents.