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Finance costs | 12 Months Ended
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Dec. 31, 2020
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Finance costs | 7. Finance costs
|  | 2020 $m |  |  | 2019 $m |  |  | 2018 $m |
Financial income |  |  |  |  |  |  |  |  |  |  |  |
Financial income on deposits and money market funds |  |  | 2 |  |  |  | 3 |  |  |  | 2 |
Interest income on loans and other assets |  |  | 2 |  |  |  | 3 |  |  |  | 3 |
|  |  | 4 |  |  |  | 6 |  |  |  | 5 |
Financial expenses |  |  |  |  |  |  |  |  |  |  |  |
Interest expense on external borrowings |  |  | 102 |  |  |  | 78 |  |  |  | 61 |
Interest expense on lease liabilities |  |  | 37 |  |  |  | 41 |  |  |  | 39 |
Capitalised interest |  |  | (1 | ) |  |  | (5 | ) |  |  | (5 | )
Unwind of discount on deferred purchase consideration |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Other charges a |  |  | 5 |  |  |  | 6 |  |  |  | 5 |
|  |  | 144 |  |  |  | 121 |  |  |  | 101 |
Analysed as: |  |  |  |  |  |  |  |  |  |  |  |
Financial expenses before exceptional items |  |  | 130 |  |  |  | 121 |  |  |  | 101 |
Exceptional financial expenses (note 6) |  |  | 14 |  |  |  | — |  |  |  | — |
|  |  | 144 |  |  |  | 121 |  |  |  | 101 |
a | Other charges includes bank charges and non-bank interest expense.
During the year, $3m (2019: $13m, 2018: $14m) was payable to the IHG Rewards loyalty programme relating to interest on the accumulated balance of cash received in advance of the consumption of points awarded. The expense and corresponding System Fund interest income are eliminated within financial expenses. Capitalised interest relates to the System Fund. The rate used for capitalisation of interest was 2.9% (2019: 3.1%, 2018: 3.0%). Net interest payable on a frozen GAAP basis as calculated for bank covenants was $111m (2019: $99m). Further details are provided on page 181.

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- Definition The disclosure of finance cost. [Refer: Finance costs] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2020-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_10_e&doctype=Standard -URIDate 2020-01-01 + Details
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