5 . 9.1.4. Debt by currency excluding lease debts €  millions 31.12.20 21 31.12.2020 31.12.2019 Euro (EUR) 4,441.4 382.0 284.2 US dollar (USD) 59.2 368.4 422.2 Colombian Peso (COP) 21.2 34.8 27.0 Turkish lira (TRY) 19.3 5.4 0.4 Danish Krone (DDK) 11.0 0.1 0.5 Malaysian Ringgit (MYR) 12.7 - - South African Rand (ZAR) 10.9 14.0 9.3 Chilean Peso (CLP) 8.8 24.1 27.5 Kenyan Shilling (KES) 12.9 6.4 11.5 Egyptian Pound (EGP) 8.3 13.9 14.5 Pakistani Rupee (PKR) 8.0 7.4 6.2 Other 16.3 8.4 47.4 TOTAL 4,630.0 864.9 850.7 9.1.5. Breakdown of fixed rate – floating rate debt (after allowing for interest rate hedging instruments) €  millions 31.12.2021 31.12.2020 31.12.2019 Floating rate 4,529.9 768.2 757.4 Fixed rate including lease debts 1,770.5 1,778.3 2,129.3 TOTAL 6,300.4 2,546.5 2,886.7 9.1.6. Effective interest rates Effective interest rates on Group debt after allowing for hedging instruments are -0.54% in 2021 compared with 0.39% in 2020 and 0.99% in 2019 for short-term marketable instruments. There is no medium- to long-term bank loan at 31 December 2021 as at 31 December 2020 and 31 December 2019. 9.1.7. Average debt interest rates Average debt interest rates after allowing for hedging instruments break down as follows: 31.12.2021 31.12.2020 31.12.2019 Euro (EUR) (1) -0.51% -0.30 % -0.45% US dollar (USD) 0.08% 0.90% 2.34 % (1) The fall in euro interest rates is now reflected by drawdowns of short-term marketable instruments with negative interest rates. 9.1.8. Fair value of borrowings and debt The fair value of fixed-rate debt is determined for each loan by discounting future cash flows, based on bond yield curves at the balance sheet date, after allowing for the spread corresponding to the Group’s risk rating. The net carrying amount of outstanding bank loans and other floating-rate loans is a reasonable approximation of their fair value. The fair value of borrowings and debt amounted to €6,300.4   million at 31  December 2021 compared with €2,546.5  million at 31 December 2020 and €2,886.7 million at 31 December 2019. The fair value of borrowings and debt excluding IFRS  16 amounted to €4,630.0 mill ion at 31 December 2021 compared with €864.9  mill ion at 31 December 2020 and €850.8  million at 31 December 2019. 9.1.9. Debt covered by collateral No debt was covered by material amounts of collateral at 31 December 2021, 2020 and 2019. 9.1.10. Confirmed credit lines At 31  December 2021, L’Oréal and its subsidiaries had €5,000   million of confirmed undrawn credit lines, compared with €5,363.0 million at 31 December 2020 and €3,801.1 million at 31 December 2019. The maturities of the credit lines at 31  December 2021 are broken down as follows: • €0 mill ion at less than one year; • €2,500.0 mill ion between one and four years; • €2,500.0 mill ion at more than five years. 324 L ’ ORÉAL I UNIVERSAL REGISTRATION DOCUMENT 2021 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements