22. Capital and Financial Risk Management  |  continued 23. Liquid Investments and Cash and Cash Equivalents Commodity price risk Cash and cash equivalents CRH 103 Cash at bank earns interest at floating rates based on daily deposit bank rates. Short-term deposits are made for varying periods of between one day and three  months depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.  Cash and cash equivalents, are included in the Consolidated Balance Sheet and Consolidated Statement of Cash Flows at fair value and, are analysed as follows: Liquid investments and cash and cash equivalents balances are spread across a wide number of highly-rated financial institutions with no material concentrations  in credit or liquidity risk. The credit risk attaching to these items is documented in note 22. The fair value of derivatives used to hedge future energy costs was €2 million unfavourable as at the balance sheet date (2011: €3 million unfavourable). The tables below show the projected contractual undiscounted total cash outflows (principal and interest) arising from the Group’s trade and other payables, gross  debt and derivative financial instruments. The tables also include the gross cash inflows projected to arise from derivative financial instruments. These projections  are based on the interest and foreign exchange rates applying at the end of the relevant financial year. Within 1 year Between  1 and 2 years Between  2 and 3 years Between  3 and 4 years Between  4 and 5 years After 5 years Total  €m   €m   €m   €m   €m   €m   €m  At 31 December 2012 Financial liabilities - cash outflows Trade and other payables  2,841   145   41   13   21   118   3,179  Finance leases  3   3   1   1   6   3   17  Interest-bearing loans and borrowings  657   906   349   1,257   -  1,519   4,688  Interest payments on finance leases  1   1   -  1   -  1   4  Interest payments on interest-bearing loans and borrowings  289   227   179   141   96   275   1,207  Cross-currency swaps - gross cash outflows  2,201   29   343   8   -  -  2,581  Gross projected cash outflows  5,992   1,311   913   1,421   123   1,916   11,676  Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (57) (34) (25) (20) (11) (7) (154) Cross-currency swaps - gross cash inflows (2,216) (27) (332) (8)  -  - (2,583) Gross projected cash inflows (2,273) (61) (357) (28) (11) (7) (2,737) The equivalent disclosure for the prior year is as follows: At 31 December 2011 Financial liabilities - cash outflows Trade and other payables  2,858   117   23   24   25   38   3,085  Finance leases  3   3   3   2   1   13   25  Interest-bearing loans and borrowings  511   564   920   355   1,290   1,070   4,710  Interest payments on finance leases  1   1   1   1   1   5   10  Interest payments on interest-bearing loans and borrowings  286   268   208   158   120   327   1,367  Interest rate swaps - net cash outflows  1   -  -  -  -  1   2  Cross-currency swaps - gross cash outflows  1,207   428   24   327   -  -  1,986  Other derivative financial instruments  2   1   1   -  -  2   6  Gross projected cash outflows  4,869   1,382   1,180   867   1,437   1,456   11,191  Derivative financial instruments - cash inflows Interest rate swaps - net cash inflows (70) (53) (32) (24) (18) (15) (212) Cross-currency swaps - gross cash inflows (1,197) (471) (24) (307)  -  - (1,999) Other derivative financial instruments (1)  -  -  -  -  - (1) Gross projected cash inflows (1,268) (524) (56) (331) (18) (15) (2,212) 2012 2011 Liquid investments €m €m Liquid investments held-for-trading (fair value through profit or loss)  31   28  Loans and receivables  -  1  Total  31   29  Cash at bank and in hand  623   429  Investments (short-term deposits)  1,145   866  Total  1,768   1,295 