Borrowings and cash  4.4.1  Borrowings Other total borrowings include finance lease  liabilities of DKK 46m (2012: DKK 39m) and  employee bonds of DKK 18m. No new em- ployee bonds were issued in 2013 or 2012. The Group has designated a fixed-interest  rate GBP 300m bond as the hedged item in  a fair value hedge with the designated risk  being movements in a benchmark interest rate  (floating interest rate). The carrying amount of  this borrowing is therefore adjusted for move- ments in the fair value due to movements in  the benchmark rate. The carrying amount of  this borrowing was DKK 2,824m in 2013. A GBP 200m bond matured during the year  and was replaced with long-term bank bor- rowing of approximately the same amount.  The development in net interest-bearing debt  is shown in section 4.2. A EUR 1,000m bond has been reclassified to  current borrowings as it matures in May 2014. Amounts owed to credit institutions, bonds etc. are  recognised at the date of borrowing at fair value less  transaction costs. In subsequent periods, the financial  liabilities are measured at amortised cost using the  effective interest method. Accordingly, the difference  between the fair value less transaction costs and the  nominal value is recognised in the income statement  under financial expenses over the term of the loan.  Financial liabilities also include the capitalised resid- ual obligation on finance leases, which is measured  at amortised cost. Other liabilities are measured at  amortised cost. The Group is exposed to credit risk on cash  and cash equivalents (including fixed de- posits), investments and derivative financial  instruments with a positive fair value due to  uncertainty as to whether the counterparty  will be able to meet its contractual obliga- tions as they fall due. The Group has established a credit policy  under which financial transactions may be  entered into only with financial institutions  with a solid credit rating. The credit exposure  on financial institutions is effectively man- aged by Group Treasury. Short-term bank deposits amounted to DKK  1,785m (2012: DKK 3,580m). The average  interest rate on these deposits was 8.2%  (2012: 6.6%). Proportionately consolidated entities’ share  of cash and cash equivalents is specified in  section 5.6. In the statement of cash flows, bank overdrafts  are offset against cash and cash equivalents as  specified below. 4.4.2  Cash CASH FLOW FROM EXTERNAL FINANCING GROSS FINANCIAL DEBT ASSESSMENT OF CREDIT RISK 4.4.1  ACCOUNTING POLICIES DKK million 2013 2012 Non-current borrowings Issued bonds 21,413 29,021 Mortgages 1,457 1,457 Bank borrowings 7,495 5,722 Other non-current  borrowings 321 506 Total 30,686 36,706 Current borrowings Issued bonds 7,455 1,826 Current portion of  other non-current  borrowings 185 283 Bank borrowings 1,835 1,179 Other current borrowings 50 64 Total 9,525 3,352 Total non-current  and current borrowings 40,211 40,058 Fair value 40,829 41,557 DKK million 2013 2012 Proceeds from issue of bonds - 11,160 Repayment of bonds including cross-currency swap -1,731 - Credit institutions, long-term 1,584 -7,908 Credit institutions, short-term -43 -874 Other financing liabilities 76 95 Total -114 2,473 DKK million 2013 2012 Cash and cash  equivalents 3,714 5,760 Bank overdrafts -398 -701 Cash and cash  equivalents, net 3,316 5,059 Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 94 Carlsberg Group Annual Report 2013