Financial Statements

Notes to the Consolidated Financial Statementsfor the year to 31 December 2008

7. Finance costs

Finance costs from continuing operations are analysed as follows: 2008
£m
2007
(restated)
£m
Interest on bank overdrafts and loans 72.5 45.9
Interest on debenture loans 55.4 47.4
Movement on interest rate derivatives 10.8 5.4
138.7 98.7
Unwinding of discount on land creditors and other payables 26.7 19.3
Notional net interest on pension liability (note 24) 11.7 3.8
177.1 121.8
Exceptional finance costs:    
Loan and debenture fees 10.5
187.6 121.8

The exceptional finance costs relate to the write off of the remaining unamortised bank loan and debenture fees relating to the Group's financing arrangements which were in place throughout 2008. The amortisation of these fees was accelerated due to the refinancing of the Group's debt arrangements (see note 37).