10Cash and cash equivalents

The effective interest rate on short-term deposits outstanding at the year-end was 3.6% (2007: 5.6%) and these deposits have an average maturity of 38 days (2007: 11 days).

Short-term marketable securities There is a readily available market for these investments. Unrealised gains and losses on these investments are recognised directly in equity via the revaluation reserve. The Group recognises an impairment charge when the decline in fair value below cost is judged to be other than temporary. At 31 December 2008 and 2007, the fair value is equal to cost.

Cash and cash-equivalents The carrying amount approximates to fair value because of the short-term maturity of these instruments, being no greater than three months.