Cash and cash equivalents (excluding overdrafts)

12 Months Ended

Dec. 31, 2019

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Cash and cash equivalents (excluding overdrafts)

17. Cash and cash equivalents (excluding overdrafts)

All figures in £ millions	2019		2018
Cash at bank and in hand		401		533
Short-term bank deposits		36		35
		437		568

Short-term bank deposits are invested with banks and earn interest at the prevailing short-term deposit rates.

At the end of 2019, the currency split of cash and cash equivalents was US dollar 30% (2018: 18%), sterling 12% (2018: 30%), and other 58% (2018: 52%).

Cash and cash equivalents have fair values that approximate to their carrying value due to their short-term nature. Cash and cash equivalents include the following for the purpose of the cash flow statement:

All figures in £ millions	2019			2018
Cash and cash equivalents		437			568
Bank overdrafts		(3	)		(43	)
		434			525

The Group has certain cash pooling arrangements in US dollars, sterling, euro and Canadian dollars where both the company and the bank have a legal right of offset. Offsetting amounts are presented gross in the balance sheet. Offset arrangements in respect of derivatives are shown in note 16.