22. Liabilities
2017 2016
NON-CURRENT LIABILITIES
Interest-bearing
Bond 163.7 99.7
Bank loans 62.4 15.7
Pension loans 15.7 7.9
Other liabilities 3.4 3.7
Non-current interest-bearing liabilities 245.1 126.9
Non-interest-bearing
Other liabilities 0.0 0.1
Derivatives 6.7 -
Non-current non-interest-bearing liabilities 6.7 0.1
Non-current provisions 7.1 0.1
Deferred tax liability 17.4 17.0
Pension obligations 27.5 22.7
Non-current liabilities 303.8 166.7
CURRENT INTEREST-BEARING LIABILITIES
Commercial paper - 7.0
Pension loans 7.1 7.1
Bank loans 3.6 -
Other liabilities 3.3 3.0
Current interest-bearing liabilities 14.1 17.2
TRADE AND OTHER PAYABLES
Advances received 0.3 0.2
Trade payables 188.7 158.7
Accruals and deferred income
- Short-term interest payable 1.7 0.9
- Matched staff costs 54.6 55.8
- Other short-term accruals and deferred income 24.2 22.1
Derivatives 3.3 13.7
Other liabilities 8.2 7.9
Trade and other payables 281.0 259.2
Income tax liability 0.7 0.3
Current provisions 2.1 1.6
Current liabilities 297.8 278.4
Liabilities 601.6 445.1
Amounts of the Group’s interest-bearing liabilities and their contractual re-pricing periods are as follows:
31 Dec. 2017 31 Dec. 2016
Under 6 months 37.5 29.2
6–12 months - 8.8
1–5 years 221.7 106.1
Over 5 years - -
Total 259.2 144.1
Offsetting financial assets and financial liabilities
The following financial assets are subject to offsetting, enforceable master netting arrangements and similar agreements.
31 Dec. 2017 Gross amount of recognised financial instruments Related liabilities or assets subject to Master netting agreements Net exposure
Financial assets
Derivatives 0.1 -0.1 0.0
Trade receivables - - -
Financial liabilities
Derivatives 10.0 -0.1 9.9
Trade payables - - -
31 Dec. 2016 Gross amount of recognised financial instruments Related liabilities or assets subject to Master netting agreements Net exposure
Financial assets
Derivatives 0.1 -0.1 0.0
Trade receivables - - -
Financial liabilities
Derivatives 13.7 -0.1 13.6
Trade payables - - -
For the financial assets and liabilities subject to enforceable master netting arrangements or similar arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. Per the terms of each agreement, an event of default includes failure by a party to make payment when due; failure by a party to perform any obligation required by the agreement (other than payment) if such failure is not remedied within periods of 30 to 60 days after notice of such failure is given to the party; or bankruptcy.