NOTES TO THE FINANCIAL STA TEMENTS for the year ended 31 December 2004 Consolidated Santos Ltd 2004 2003 2004 2003 15. Interest-Bearing Liabilities $million $million $million $million Current Amounts owing to controlled entities – – 1,685.4 1,411.7 Long-term notes 43.7 45.4 – – Bank loans 5.2 – – – Other 1.0 – 1.0 – 49.9 45.4 1,686.4 1,411.7 Non-current Bank loans 222.7 – – – Commercial paper 209.0 110.0 – – Medium-term notes 20.0 20.0 – – Long-term notes 757.8 833.3 – – 1,209.5 963.3 – – Year of maturity Currency Amount A$million 2005 Multi-currency 75.0 2006 Multi-currency 125.0 2008 Multi-currency 300.0 2009 Multi-currency 200.0 700.0 Year of maturity Currency Amount Amount Drawn at 31 December 2004 A$million A$million 2005 USD 5.2 5.2 2006 USD 10.5 10.5 2007 USD 20.6 18.6 2008 USD 19.7 18.1 2009 USD 24.5 22.3 2010 USD 25.4 23.0 2011 USD 26.3 23.8 2012 USD 22.6 20.0 2013 USD 19.0 16.2 2014 USD 20.0 17.0 2015 USD 20.4 17.3 2016 USD 20.8 17.5 2017 USD 21.9 18.4 256.9 227.9 The Santos Group has an A$800.0 million (2003: A$800.0 million) Australi an commercial paper program supported by the revolving facilities referred to in (a) above. At 31 December 2004, A$209.0 million (2003: A$110.0 million) of commercial paper is on issue and the weighted average annual effective interest rate is 5.61% (2003: 5.50%). Term loans bear interest at the relevant interbank reference rate plus a margin of up to 0.75%. The amount drawn at 31 December 2004  is US$177.5 million (A$227.9 million) at a weighted average annua l effective interest rate of 2.70%. Drawdowns under the term loans are dependent upon expenditure f or specific projects. Revolving bank loans bear interest at the relevant interbank referen ce rate plus 0.25% to 0.43%. The amount drawn at 31 December 2004  is $nil (2003: $nil). The Santos Group has access to the following committed revolving faciliti es: The interest-bearing amounts owing to controlled entities are for loans made  in the  ordinary course of business on normal market terms and conditions for an ind efinite period. Details of major credit facilities (a) Bank loans Revolving facilities at 31 December 2004 Term facilities at 31 December 2004 (b) Commercial paper Annual Report 2004 60