Annual Report 2021
Financial statements
Interest expense
Breakdown of the interest expense
Interest on employee benefits-20-39
Interest on derivatives-253-198
Interest owed to banks-38-44
Interest on subordinated liabilities-44-44
Interest on borrowings-1-1
Other interest expenses-6-5
Total interest expense-362-331

Included within interest owed to banks is an amount of 31 million (2020: 32 million) relating to negative interest paid on cash and cash equivalents.