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6: Interest Bearing Liabilities

2019

2018

$'000

$'000

Leases

Finance leases

7,232

10,859

Total finance leases

7,232

10,859

Leases expected to be settled

Within 1 year

5,035

5,442

Between 1 to 5 years

2,197

5,417

Total finance leases

7,232

10,859

Embedded finance leases have been recognised in respect of IT equipment provided under agreements with external information and communications technology suppliers. The finance lease liability relates to equipment under the agreements. The useful lives of the assets are for fixed terms of between 3 and 6 years. The average interest rate implicit in the leases was 0.99% (2018: 5.40%). Cancellation penalties apply on early termination of the leases. There are no significant contingent rentals.