17 Short-term financial liabilities

Short-term financial liabilities of €2,787 million (€1,844 million as at 31 December 2010) are denominated entirely in Euros and relate to credit lines with Eni S.p.A..

Short-term financial liabilities include: (i) floating-rate loans (€2,287 million); and (ii) floating-rate loans of €500 million, converted into fixed-rate loans through an interest rate swap derivative contract23 for an equal notional amount. The weighted average interest rate on short-term financial debt was 1.5% (0.7% at 31 December 2010).

The market value of short-term financial liabilities is the same as their book value.

At 31 December 2011, there were no breaches of loan agreements.

23 For information on derivative contracts, see Note 21 “Other current liabilities”.

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