47. Borrowings
At 31 December 2018 borrowings comprised exclusively of finance leases as set out below.
Finance Leases | Minimum lease payments | Present value of minimum lease payments | ||
|---|---|---|---|---|
2019 | 2018 | 2019 | 2018 | |
€m | €m | €m | €m | |
Amounts payable under finance leases: | ||||
Within one year | - | 0.2 | - | 0.2 |
In the second to fifth years inclusive | - | 0.1 | - | 0.1 |
- | 0.3 | - | 0.3 | |
Less future finance charges | - | - | - | - |
Present value of lease obligations | - | 0.3 | - | 0.3 |
Less: amount due for settlement within 12 months | - | (0.2) | - | (0.2) |
Amount due for settlement after 12 months | - | 0.1 | - | 0.1 |
Amounts outstanding at 31 December 2018 were transferred to lease liabilities on the application of IFRS 16 Leases. The average effective borrowing during 2018 was 5.5%.