Note 38.2  Liquidity risk  continued  Funds transfer pricing  Contractual undiscounted cash flows  (1) Excludes items that are not financial instruments and non-contractual accruals and provisions. (2) Included in this balance is $19,139 million (2013: $15,033) payable to SPE note holders. The contractual maturity of the notes is  dependent on the repayment of the underlying loans included in loan assets held at amortised cost. The contractual maturity of the  underlying loans is reflected in the maturity analysis.  (3) Cash flows on contingent liabilities and commitments are dependent on the occurrence of various future events and conditions, and  may or may not result in an outflow of resources. These are reported in the ‘less than 3 months’ column unless the contractual terms  specify a longer dated cash flow. Macquarie is a global financial institution, with branches and subsidiaries in a variety of countries. Regulations in certain countries  may require some branches or subsidiaries to have specific local contingency plans. Where that is the case, the liquidity  contingency plan contains a supplement providing the specific information required for those branches or subsidiaries.  An internal funds transfer pricing framework is in place that has been designed to produce appropriate incentives for business  decision-making by reflecting the true funding costs arising from business actions. Under this framework, each business is allocated  the full cost of the funding required to support its products and business lines, recognising the actual and contingent funding-related  exposures their activities create for the group as a whole. Businesses that raise funding are compensated at a level that is  appropriate for the liquidity benefit provided by the funding.  The following tables summarise the maturity profile of the Consolidated Entity’s financial liabilities as at 31 March based on  contractual undiscounted repayment obligations. Repayments which are subject to notice are treated as if notice were given  immediately. However, the Consolidated Entity expects that many customers will not request repayment on the earliest date the  Consolidated Entity could be required to pay. Deposits are reported at their contractual maturity – the table does not reflect the  expected cash flows indicated by the Consolidated Entity’s deposit retention history.  Derivatives (other than those designated in a hedging relationship) and trading portfolio liabilities are included in the ‘less than 3  months’ column at their fair value. Liquidity risk on these items is not managed on the basis of contractual maturity, since they are  not held for settlement according to such maturity and will frequently be settled in the short term at fair value. Derivatives designated  in a hedging relationship are included according to their contractual maturity.  189  On demand  $m Less than 3 months  $m 3 to 12  months  $m 1 to 5 years  $m Over 5 years  $m Total  $m Consolidated 2014  Trading portfolio liabilities  –  2,762  –  –  –  2,762  Derivative financial instruments (trading)  –  11,537  –  –  –  11,537  Derivative financial instruments (hedging  relationship)  Contractual amounts payable  –  2,467  2,222  5,649  620  10,958  Contractual amounts receivable  –  (2,374)  (2,303)  (5,795)  (706)  (11,178)  Deposits  32,631  5,124  4,290  460  14  42,519  Other financial liabilities (1) –  11,111  –  –  –  11,111  Payables to financial institutions  4,809  10,005  586  3,713  919  20,032  Other financial liabilities at fair value through profit  or loss  –  538  342  315  303  1,498  Debt issued at amortised cost (2) –  8,783  9,659  19,548  17,453  55,443  Loan Capital  –  115  171  2,028  2,189  4,503  Total undiscounted cash flows  37,440  50,068  14,967  25,918  20,792  149,185  Contingent liabilities  –  1,346  –  –  –  1,346  Commitments –  4,659  199  384  5  5,247  Total undiscounted contingent liabilities and  commitments (3) –  6,005  199  384  5  6,593 