Annual Report 2021

161 Notes to the Financial Statements Miramar Hotel and Investment Company, Limited Annual Report 2021 18 Lease liabilities The following table shows the remaining contractual maturities of the Group’s lease liabilities: 2021 2020 Present value of the minimum lease payments Total minimum lease payments Present value of the minimum lease payments Total minimum lease payments HK$’000 HK$’000 HK$’000 HK$’000 Within 1 year 39,109 40,743 42,788 44,402 After 1 year but within 2 years 30,271 31,067 23,835 24,619 After 2 years but within 5 years 17,034 17,278 20,541 20,923 47,305 48,345 44,376 45,542 86,414 89,088 87,164 89,944 Less: total future interest    expenses (2,674) (2,780) Present value of lease liabilities 86,414 87,164 19 Bank loan At 31 December 2021, the bank loan was secured as follows: 2021 2020 HK$’000 HK$’000 Secured bank loan – 2,993 Bank loan at 31 December 2020 was charged at prevailing market rates and fully repaid during the year. The effective interest rate per annum on bank loan was 0.8% for the year ended 31 December 2020. At 31 December 2021, banking facilities of HK$388,097,000 (2020: HK$387,640,000) were secured by the Group’s investment in listed equity securities with an aggregate carrying value of HK$39,840,000 (2020: HK$80,367,000). None of these facilities were utilised as at 31 December 2021 (2020: banking facilities of HK$2,993,000 were utilised).