Minimum lease payments		Present value of minimum lease payments
	2013 £m	2012 £m	2013 £m	2012 £m
Amounts payable under finance leases:
Within one year	0.1	0.2	0.1	0.2
In the second to fifth years inclusive	0.2	0.3	0.2	0.3
	0.3	0.5	0.3	0.5
Less: future finance charges	–	–
Present value of lease obligations	0.3	0.5
Analysed as:
Amount due for settlement after 12 months			0.2	0.3
Amount due for settlement within 12 months (shown under current liabilities)			0.1	0.2
			0.3	0.5
The present value of minimum lease payments is denominated in the following currencies:
Sterling			0.3	0.4
US Dollar			–	0.1
			0.3	0.5

It is the Group's policy to lease certain of its fixtures and equipment under finance leases. The average lease term is 3.2 years. For the year ended 31 December 2013, the average effective borrowing rate was 8.4% (2012: 8.0%). Interest rates are fixed at the contract date. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments. The fair value of the Group's lease obligations approximates to their carrying amount.

The Group's obligations under finance leases are secured by the lessors' rights over the leased assets.