48. Trade and other payables

2020

2019

€m

€m

Within one year

Amounts due to subsidiary companies (note 50)

112.7

126.1

Other payables

3.2

1.8

115.9

127.9

Other payables include provisions of €1.2 million at 31 December 2020 and at 31 December 2019.

The amounts owed by the Company to its subsidiaries is represented as follows:

2020

2019

€m

€m

Trading balances

1.5

19.1

Financing balances

111.2

107.0

112.7

126.1

Amounts owed to subsidiary companies are repayable on demand with no fixed payment schedule. The decrease in trading balances of €17.6 million was funded through the return of a deposit on a cancelled shipbuilding contract (note 44).

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 1.76% (2019: 1.78%) and the average interest rate payable on financing balances outstanding at 31 December 2020 was 1.79% (2018: 1.78%).