annual report 2009 - Aer Lingus

80 Financial Statements Aer Lingus Group Plc – Annual Report 2009Notes to the Consolidated Financial Statements [continued]23 Finance lease obligations2009 2008€’000 €’000Repayable – within one year 48,247 104,949– from one to two years 47,969 45,609– from two to five years 142,639 92,037– after five years 253,766 310,274492,621 552,869Less current portion (48,247) (104,949)Non-current portion 444,374 447,920Finance lease obligations are effectively secured as the rights to the leased aircraft revert to the lessors in the event of default.The carrying amounts and fair value of the non-current finance lease obligations are as follows:Carryingamounts2009Carryingamounts2008Fairvalues2009Fairvalues2008€’000 €’000 €’000 €’000Finance lease obligations 492,621 447,920 399,562 407,708The fair values are based on cash flows discounted using a rate based on prevailing forward market rates. In 2009, these rates rangedfrom 1.0% to 3.8%.The carrying amounts of current finance lease obligations approximate their fair values, as the impact of discounting is not significant.The carrying amounts of the Group’s finance lease obligations are denominated in the following currencies:2009 2008€’000 €’000Euro 74,720 59,512US dollar 417,901 493,357492,621 552,869The effective interest rates at the balance sheet date were as follows:2009 2009 2008 2008€ $ € $Finance lease obligations 3.7% 2.3% 3.9% 3.7%