Cash and cash equivalents

18. Cash and cash equivalents

Cash and cash equivalents are concentrated in the financial companies, the holding companies and the subholding companies of the Group. They are mainly invested in the short-term deposits market at leading banking counterparts primarily at interest rates reflecting market rates.

For purposes of the statement of cash flows, the balance of cash and cash equivalents is shown net of bank overdrafts, equal to Euros 47,207 thousand at December 31, 2007 and Euros 10,185 thousand at December 31, 2006.