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NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 30 JUNE 2015 15. Borrowings a Total interest bearing liabilities Consolidated 2015 000 2014 000 Current secured borrowings Borrowing costs 984 Securitised receivables 22161 Lease liabilities 84 84 Total secured current interest bearing liabilities 21261 84 Consolidated 2015 000 2014 000 Non-current secured borrowings Bank facilities 650000 650000 Borrowing costs 2249 3753 Lease liabilities 213 225 Total secured non-current interest bearing liabilities 647964 646472 Total current and non-current borrowings 669225 646556 For all non-current borrowings the carrying amount approximates fair value in the balance sheet. On 19 June 2015 the Company entered into a 65 million non-recourse receivables financing facility. As at 30 June 2015 the amount of funding received under the securitised facility was 22.2 million. b Interest expense Consolidated 2015 000 2014 000 Interest expense and other borrowing costs External banks 39079 44103 Reversal of interest accrued on amended tax assessments 10889 Amortisation of borrowing costs 1137 8505 Total interest expense and other borrowing costs 40216 41719 c Bank facilities and assets pledged as security The 650 million debt facilities of the Banking Group are secured by a fixed and floating charge over the assets and undertakings of the Banking Group and its wholly-owned subsidiaries and also by a mortgage over shares in Southern Cross Austereo Pty Ltd. These facilities mature on 12 January 2019 and have an average variable interest rate of 4.83 2014 5.11. These facilities are denominated in Australian dollars. There are certain financial and non-financial covenants which are required to be met by subsidiaries in the Group. One of these covenants is an undertaking that the subsidiary is in compliance with the requirements of the facility before any amount may be distributed to the benefit of the ultimate parent entity Southern Cross Media Group Limited. Covenant testing dates fall at 30 June and 31 December each year until the facility maturity date. 58 SOUTHERN CROSS AUSTEREO ANNUAL REPORT 2015