between the initial carrying value of the loan based on market rate and the Government rate is recognised as a deferred income and is credited to the statement of profit or loss over the period necessary to match the interest costs. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 267 26 BORROWINGS (CONTINUED) Note Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Current Secured: - Short term loans 392.6 394.2 0 0 - Term loans (a) 1,031.0 827.8 0 0 - Bonds (b) 1,130.3 486.0 0 0 Unsecured: - Short term loans 4,266.7 5,662.5 4,019.1 5,384.8 - Bankers’acceptances 55.2 687.6 0 595.6 - Term loans (a)(c) 192.8 3,708.0 107.9 3,641.9 - Bonds* 262.0 1,496.1 227.4 1,489.9 T otal short term borrowings 7,330.6 13,262.2 4,354.4 11,112.2 Non-current Secured: - Term loans (a) 5,539.1 4,755.1 0 0 - Bonds (b) 16,651.3 17,987.3 0 0 Unsecured: - Term loans (a)(c) 3,992.3 1,969.5 1,556.8 1,701.6 - Bonds* (b) 28,256.9 25,908.1 23,766.9 23,418.1 T otal long term borrowings 54,439.6 50,620.0 25,323.7 25,119.7 T otal borrowings 61,770.2 63,882.2 29,678.1 36,231.9 * Included in the bonds are borrowings taken up by a subsidiary for the Company: Company 2023 RM’million 2022 RM’million Current 50.2 48.2 Non-current 6,880.3 6,607.5 6,930.5 6,655.7 The short term borrowings carry interest at rates ranging from 0.8% to 8.0% (2022: 0.8% to 8.0%) per annum for the Group and from 0.8% to 7.7% (2022: 0.8% to 7.7%) per annum for the Company. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 268 26 BORROWINGS (CONTINUED) Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Portion of borrowings due within 1 year: - Short term loans 4,659.3 6,056.7 4,019.1 5,384.8 - Bankers’ acceptances 55.2 687.6 0 595.6 - Term loans 1,223.8