Table:
|  | Year-ended 31 March 2019 | Year-ended 31 March 2018 |
| --- | --- | --- |
|  | $M | $M |
| Cash-settled transactions | 1.9 | 2.7 |
| Equity-settled transactions | 35.0 | 39.6 |
| Total share-based payment expense | 36.9 | 42.3 |
Paragraphs:
Share-Based Payment Expense
The expense recognised for employee services received during the year is as follows:
The cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).
Question:
What was the carrying value of the liability in 2019?
Answer: $1.6M