128 Consolidated  Notes to the  Financial  Statements Note 52 – Financial instruments (continued) (j) Liquidity risk management As there are a limited number of energy organisations to enable management of energy price risk, there is limited scope for managing credit  risk through diversification of counterparties. Any request for credit exposure limits or contract maturity limits above those assigned for a  counterparty must be referred to the Board for approval. The credit worthiness of counterparties is closely monitored over the life of the  transaction. Credit exposure and maturity exposure by individual counterparty are continuously monitored and reported on regularly. The consolidated entity also utilises International Swaps and Derivative Association (ISDA) agreements with derivative counterparties in  order to limit exposure to credit risk through the netting of amounts receivable from and amounts payable to individual counterparties. At the end of the reporting period, there was a significant concentration of credit risk with certain counterparties in relation to electricity  derivatives undertaken in accordance with the consolidated entity’s hedging and risk management activities. The carrying amount of the financial assets recognised in the financial statements, which is net of impairment losses, represents the  maximum exposure to credit risk. The consolidated entity does not hold any collateral or other credit enhancements to cover this credit risk. Liquidity risk is the risk that the consolidated entity will not be able to meet its financial obligations as they fall due. Ultimate responsibility  for liquidity risk management rests with the Board of Directors, who have established an appropriate liquidity risk management framework  for the management of the consolidated entity’s short-, medium- and long-term funding and liquidity management requirements. The consolidated entity manages liquidity risk by maintaining adequate cash reserves, banking facilities and reserve borrowing facilities, by  continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Note 50(f) sets  out details of undrawn financing facilities that the consolidated entity has access to at the end of the reporting period. Subsequent to the year end, the consolidated entity entered into a $1.0 billion syndicated loan facility, comprising of a $600.0 million 3 year  term loan tranche and a $400.0 million 5 year revolving tranche. The funds will be partially used to refinance $886.7 million of existing  debt, due for repayment in October 2011, and provide additional funding for the consolidated entity’s capital expenditure program. Refer  Note 53 for further details. Subsequent to the year end, the consolidated entity also entered into a $200.0 million loan agreement with EKF, the Danish export credit  agency. The funds will be used to partially fund the consolidated entity’s 50% interest in the construction of the Macarthur Wind Farm.  Refer Note 53 for further details. The following table details the consolidated entity’s remaining contractual maturity for its non-derivative financial liabilities with agreed  repayment periods. The table has been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on  which the consolidated entity can be required to pay. The table includes both interest and principal cash flows. To the extent that interest  flows are at floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual  maturity is based on the earliest date on which the consolidated entity may be required to pay. Less than  6–12  1–2  2–5  More than 6 months months years years 5 years Total $m $m $m $m $m $m 2011 Non-derivative fi nancial liabilities Trade and other payables  853.1 – – – – 853.1 USD senior notes  7.2 7.2 14.5 43.4 447.5 519.8 Bank loans  910.7 – – – – 910.7 Finance lease liabilities  – – 0.1 0.2 178.4 178.7 1,771.0 7.2 14.6 43.6 625.9 2,462.3 2010 Non-derivative fi nancial liabilities Trade and other payables 859.6 – – – – 859.6 Bank loans 23.2 24.1 910.6 – – 957.9 Finance lease liabilities – – – – 178.4 178.4 Other loans – 3.6 – – – 3.6 882.8  27.7  910.6  –  178.4  1,999.5