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Borrowings | 12 Months Ended
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Dec. 31, 2024
Borrowings. |
Borrowings | C5 Borrowings Although initially recognised at fair value (net of transaction costs), borrowings are subsequently accounted for on an amortised cost basis using the effective interest method. Under the effective interest method, the difference between the redemption value of the borrowing and the initial proceeds (net of related issue costs) is amortised through the income statement to the date of maturity or, for hybrid debt, over the expected life of the instrument. C5.1 Core structural borrowings of shareholder-financed businesses ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Subordinated debt |  | ​ | ​ | ​
US$750 m 4.875% notes | ​ | 750 | ​ | 750
£435 m 6.125% notes 2031 |  | 542 | ​ | 551
US$1,000 m 2.95% notes 2033 | ​ | 997 | ​ | 996
Senior debt | ​ | ​ | ​ | ​
£250 m 5.875% notes 2029 | ​ | 299 | ​ | 301
US$1,000 m 3.125% notes 2030 | ​ | 990 | ​ | 988
US$350 m 3.625% notes 2032 | ​ | 347 | ​ | 347
Total core structural borrowings of shareholder-financed businesses |  | 3,925 | ​ | 3,933
The senior debt ranks above subordinated debt in the event of liquidation. C5.2 Operational borrowings ​
​ | ​ | ​ | ​ | ​
​ |  | 31 Dec 2024 $m |  | 31 Dec 2023 $m
Borrowings in respect of short-term fixed income securities programmes (commercial paper) |  | 527 | ​ | 699
Lease liabilities under IFRS 16 |  | 257 | ​ | 234
Other borrowings |  | 13 | ​ | 8
Total operational borrowings | ​ | 797 | ​ | 941
​

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- Definition The disclosure of borrowings. [Refer: Borrowings] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2024-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2024-en-r&anchor=para_10_e&doctype=Standard -URIDate 2024-03-27 + Details
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