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Note 20 Short-term borrowings


 

 

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In € millions

 

 

 

2008

2007

 

 

 

Commercial paper

20

525

Debt to credit institutions

146

561

Borrowings from associates and joint ventures

28

18

Current portion of long-term borrowings

1,144

531

 

 

 

Total

1,338

1,635

AkzoNobel has a commercial paper program in the United States, which on December 31, 2008, as on December 31, 2007, had a maximum of $1.0 billion (year-end 2008: €0.7 billion), and a euro commercial paper program, which on December 31, 2008, as on December 31, 2007, had a maximum of €1.5 billion. On December 31, 2008, €20 million of the commercial paper program was used (2007: €525 million). It must be noted that at the end of 2008, under the current market conditions, this program was not accessible. The commercial paper program can only be used to the extent that the equivalent portion of the revolving credit facility is not used. See also note 25.

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