50. Trade and other payables
2019 | 2018 | |
|---|---|---|
Within 1 year | €m | €m |
Amounts due to subsidiary companies (note 52) | 126.1 | 164.7 |
Other payables | 1.8 | 5.6 |
127.9 | 170.3 |
The amounts owed by the Company to its subsidiaries is represented as follows;
2019 | 2018 | |
|---|---|---|
€m | €m | |
Trading balances | 19.1 | 57.7 |
Financing balances | 107.0 | 107.0 |
126.1 | 164.7 |
Amounts owed to subsidiary companies are repayable on demand with no fixed payment schedule. The decrease in trading balances of €38.6 million was funded through collection of receivables from other subsidiaries (note 45).
Interest is payable on financing balances at agreed fixed rates comprising funding cost and a margin. The average interest rate paid on borrowings advanced during the year was 1.78% (2018: 1.71%) and the average interest rate payable on financing balances outstanding at 31 December 2019 was 1.78% (2018: 1.80%).