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%).